RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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Statistics Show Strong Home Sales for First Half of Year
Warwick, RI, August 27, 2012…Sales statistics released by the Rhode Island Association of Realtors for the first six months of 2012 showed a rise in sales and decrease in median price from the same time period in 2011. Sales were up 19 percent from January through June 2011 while the median price of single family homes decreased eight percent to $184,500. Distressed sales, or those sold through foreclosure or short sale, held steady from the year prior. Almost 30 percent (29.7) of all single family home sales were sold under duress during the first half of the year, compared to 29.1 percent last year. While sales were up eight percent from January through June 2011 in the condominium market, the median price declined by the same amount to $158,500 from $173,000. Twenty-seven percent of all condo sales were sold under duress during the first half of the year, compared to 24 percent last year. The multi-family market also saw an increase in sales and slight decrease in median price, up five percent and down two percent, respectfully. The median price of a multi-family property was $118,350. Distressed sales accounted for 51 percent of all sales in the first half of 2012, compared to 54 percent last year. “The number of active listings has been decreasing each month for several months. This is positive news for homeowners as a balanced supply and demand is the key to a healthy real estate market,” said Jamie Moore, President of the Rhode Island Association of Realtors. Moore also explained that while median price is down for the first six months, it has started to stabilize as indicated by increases from the prior year every month since the first quarter. |
Jamie Moore2012 REALTOR®
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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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