RI Association of Realtors ® Releases 2007 Year-End Sales Statistics for Condos and Multi-Family Properties
Warwick, RI – Year-end sales statistics released by the Rhode Island Association of Realtors® (RIAR) reveal a slight price decline for condominiums sold state-wide in 2007. The median price of a condo sold in 2007 decreased 1.78 percent to $221,000 from $225,000 in 2006. The volume of condos sold decreased 4.09 percent from 1883 in 2006 to 1806 in 2007.
The sale of multi-family units slowed more dramatically, down 10.53 percent in median price to $255,000 and down 27.3 percent in volume.
“Rhode Island’s condo market didn’t fare too badly last year,” said Robert Scaralia, President of the Rhode Island Association of Realtors. “Multi-family properties on the other hand, were harder hit as multi-family to condo conversions ceased being attractive to investors.”
Median price reflects the mix and type of properties on the market at that time and do not necessarily reflect sales of similar properties year to year. This is especially important in understanding town by town condo price fluctuations where the sale of multiple units in a development sold at a particular price point can affect the numbers significantly.
The latest forecast released by the National Association of Realtors (NAR) predicts a continuation of soft market conditions for the housing market in the months ahead, with improvement expected by the second half of this year if loan limits are increased.
“Though pent-up demand clearly exists, it is still tricky to anticipate when a meaningful recovery will take place. I do not foresee any major existing-home sales declines from this point onwards, but sales could remain at their current soft pace for a while. Will it be spring or summer or fall when we will see a notable pick-up in home sales? Difficult to say, but it will happen in 2008,” said Lawrence Yun, NAR Chief Economist.
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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