RI Median Home Price Increases in February

RHODE ISLAND ASSOCIATION OF REALTORS®, INC.

"The Voice of Real Estate in Rhode Island"
Serving Rhode Islanders Since 1948
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Contact: Kerry Park
Ph: 401-432-6948
Email: kerry@rirealtors.org



RI Median Home Price Increases in February Warwick, RI, March 23, 2011… According to the most recent statistics released by the Rhode Island Association of Realtors, the median price of single family homes rose eight percent in February, to $205,000, up from $189,950 in February, 2010. The last time the February median price was higher than $205,000 was in 2008. Sales remain slow however, down 13 percent from the year prior. "We continue to see an upward trend in median price," commented Stephen Antoni, President of the Rhode Island Association of Realtors. "Other than a slight dip last month, the single family median price has been rising since November 2009. We're hopeful that we’ll see that trend continue, since lower priced distressed properties are becoming less of a factor in the market. Sellers though, should be aware that despite great interest rates and affordable prices, sales are down. They need to be realistic about pricing their property." Antoni explained that median price is not a reflection of value of the same property over time, but the mid-point of sales, with half of the sales selling for more and half selling for less. Median price more accurately reflects the aggregate size and type of properties selling in the market. The condominium market saw no change in the number of sales from year to year, breaking the negative trend of declining condo sales experienced since July, the first month without the federal tax credit incentive. Prices however, fell 21 percent in February. Condos prices have been up and down in recent months. January 2011 sales data showed a median price 25 percent higher than January 2010; in December, 2010, median price was down three percent from the previous year. Swings in price and sales activity are more common in the condominium market as large developments selling at different price points enter the market or change pricing and sales strategy. For the first time since October 2009, the median price of multi-family sales declined, falling from $98,750 in February 2010 to $96,000 last month. Sales also dropped dramatically, down 51 percent from the year prior. The number of distressed sales – short sales and foreclosures – continued to decline in all three categories, down 33 percent among single family homes, down seven percent in the condo market, and down 58 percent among multi-family properties. The number of single family homes and condominiums available for sale also decreased from year to year, while the availability of multi-family properties remained virtually unchanged. Reducing excess inventory is the key to restoring a healthy balance of supply and demand in the housing market. Statistics from the Rhode Island Association of Realtors relay actual sales data collected through the State-Wide Multiple Listing Service only. They do not include sales transacted through non-Realtor members or properties sold by owner. The data is not seasonally adjusted or benchmarked in any way. 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.	Stephen Antoni 2011 REALTOR® State President February 2011 Single Family Sales By Town ------------------ February 2011 Single Family Monthly Sales Comparison ------------------ February 2011 Multi Family Monthly Sales Comparison ------------------ February 2011 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.