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RHODE ISLAND ASSOCIATION OF REALTORS®, INC.

"The Voice of Real Estate in Rhode Island"
Serving Rhode Islanders Since 1948
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Press Release

Contact: Kerry Park
Ph: 401-432-6948
Email: kerry@rirealtors.org

 

August Sales Continue Drop

Warwick, RI, September 24, 2010… Though single family home sales rose slightly from July to August of this year – up four percent - sales volume fell 29 percent in August from the same period a year earlier. The drop marks the second consecutive month of declining year over year sales. The statistics released today by the Rhode Island Association of Realtors (RIAR) also showed that the median price of single family home sales remained stable from a year earlier, up .1 percent to $220,250. Median price has not decreased since October, 2009. The median price represents the midpoint of sales, with half of the homes selling for more and half selling for less. It does not represent a change in value of the same home over time.

Rhode Island’s decreasing number of distressed sales continued last month with the number of short sales and foreclosures decreasing 47 percent from August 2009.  August distressed sales totaled 117, or 21 percent of the total 548 total single family sales.  The percentage of single family distressed sales had been as high as 48 percent in January, 2009.  The median price of non-distressed single family home sales was $257,250. 

"The steady price gains that we've sustained most of this year leveled off last month as sales decreased. We've seen a lull in sales following the tax credit but we expect to see the market return to a more normal pace this fall," commented Karl Martone, RIAR President.

Condo sales also decreased, down 15 percent in August. The median price however, rose ten percent from a year ago to $205,000 from $187,000. The number of distressed sales fell 47 percent and the median price of non-distressed sales was $218,500.

The median price of multi-family sales saw the largest increase in median price, up 61 percent to $129,000 but the number of sales fell 35 percent. The number of distressed sales dropped 61 percent from August, 2009 and the non-distressed median price was $166,500.

"Many of the consumers out there moved through the market prior to the tax credit expiration. It will take a few months to build up the ranks of home buyers again. There's still a lot of uncertainty in the market right now but home affordability hasn't been this good since the seventies. Interest rates are unbelievably low, lending is loosening up, especially in the higher price brackets, prices are realistic, and choices are abundant. If you're thinking about buying a house, you're in the driver's seat right now. Make no mistake, you can still sell if you price realistically and if you're selling to move elsewhere, you'll probably be pleasantly surprised what you can find to buy in your price range," said Martone.

Karl Martone

2010 REALTOR®
State President

August 2010
Single Family Sales
By Town

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August 2010
Single Family Monthly
Sales Comparison

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August 2010
Multi Family Monthly
Sales Comparison

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August 2010
Condo Monthly
Sales Comparison

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.