RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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September Sales Decrease From Year Prior, Median Price RisesWarwick, RI, October 25, 2010… September single family home sales fell 25 percent from September, 2009, according to statistics released today by the Rhode Island Association of Realtors (RIAR). The median price of single family home sales rose however, up nearly six percent to $212,000 from $201,050 in September, 2009. RIAR President Karl Martone explained the decrease in sales as an expected market lull resulting from the expiration of the tax credit offered by the federal government earlier this year. The tax credit, which was applicable only to purchase and sales agreements signed by April 30th, 2010, originally required eligible sales to be closed by June 30, 2010. (It was later extended to September 30th to account for short sales and other transactions with extended processing times.) The Rhode Island housing market saw a flurry of activity prior to the June 30th deadline but a sharp decline in sales following that date. Home sales have increased each month since July but remain below 2009 monthly levels. The number of foreclosures and short sales of single family homes fell 37 percent year to year, from 227 distressed sales in September 2009 to 143 last month. That number could decrease further this month due to the freeze placed on foreclosures by several large lenders earlier this month. The bulk of foreclosure processing has since resumed in Rhode Island, with Bank of America foreclosures being the exception. Distressed sales accounted for 25 percent of all single family home sales in September. The median price of non-distressed sales was $235,000. September saw a four percent drop in condominium sales from the year prior and median price increased 14 percent to $205,000. The number of distressed sales fell 29 percent from the year prior. Multi-family sales fell 32 percent from September 2009 and median price rose from $114,425 in September 2009 to $127,500 last month, an 11 percent increase. "It's no surprise that the housing market is taking a few months to regain its equilibrium following the tax credit. We don't expect sales to pick up until later this fall, said Martone. "People aren't making any major moves unless they need to because of the economy and because of the added uncertainty of the elections. Still, with the lowest mortgage rates we've ever seen and great values throughout the state, market conditions for homebuyers are the best we've seen in years," he added. Note: Information is provided by State-Wide Multiple Listing Service, Inc. Readers are cautioned that the median sales price --- with half the prices higher and half lower --- generally reflects the quality and the mix (type and size) of the properties being sold at the time and is not a true measure of home values.
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Karl Martone2010 REALTOR® September 2010 ------------------ September 2010 ------------------ September 2010 ------------------ |
About the Rhode Island Association of REALTORS®The Rhode Island Association of REALTORS®, one of the largest trade organizations in Rhode Island with more than 5,000 members in nearly 1,000 offices, has been serving Rhode Islanders since 1948. Advocating for Rhode Island's property owners, the Rhode Island Association of REALTORS® provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property. Last year, RI Realtors transacted $6.9 billion in residential real estate sales and $7.1 billion in total sales and rentals including commercial transactions. The Association is one of more than 1,500 boards and associations that comprise the National Association of REALTORS® (NAR). The National Association of Realtors®, “The Voice for Real Estate,” is America's largest trade association, representing over 1.5 million members involved in all aspects of the residential and commercial real estate industries and who subscribe to a strict Code of Ethics. REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics. |
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