July's RI Housing Market Shows Robust Rebound
August 22, 2013, Warwick, RI – Seven months into the year, the Rhode Island real estate market continued to show signs of significant recovery with existing single family home sales rising 22 percent in July from 12 months earlier and median price rising to $216,000 from $207,000 in July, 2012. July marked the tenth consecutive month of increase in median price from the previous year. The number of foreclosure and short sales accounted for 16 percent of all single family home sales in July, down from 25 percent a year ago, and homes under contract but not yet sold increased three percent. All single family housing indicators continue to point in the right direction.
The condominium market also showed significant growth with a 67 percent increase in the number of sales and a 22 percent increase in median price. Distressed sales fell from 25 percent of all condo sales in July, 2012 to 11 percent last month.
"Agents have been really busy in the past few months which is a drastic change from what we saw a few years ago. Evidence of the housing rebound is clear and it doesn't show any signs of stopping," said Victoria Doran, President of the Rhode Island Association of Realtors. Pending sales – those under contract but not yet closed – are also up in condominium sales, she further explained.
Even the multi-family market which has a history of being the most affected by foreclosure and short sales, is showing signs of returning to normal market conditions. July's sales activity increased nine percent from the prior year and median price rose seven percent to $144,900, a level achieved only once in the past five years. Distressed sales have fallen to 33 percent of all multi-family sales, a dramatic decrease since 2009 when such sales comprised more than 85 percent of total sales. Median price – the halfway point of sales prices with half selling for more and half selling for less – is surging due to the decrease in distressed sales, which are typically lower-priced sales.
"We've got strong market conditions right now with all sectors of the market hovering around a six-month supply, the most common indication of a market balanced between buyers and sellers. We're optimistic that it will continue into the fall," said Doran. |
Victoria Doran
2013 REALTOR®
State President
July 2013
Single Family Sales
By Town
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July 2013
Single Family Monthly
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July 2013
Multi Family
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July 2013
Condo Monthly
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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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