RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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Realtors Release January Sales DataWarwick, RI, February 24, 2011...Rhode Island existing home sales were stable in January, falling less than one percent from 395 single family homes sold in January, 2010 to 392 last month. According to sales statistics released today by the Rhode Island Association of Realtors (RIAR), the median price also declined slightly to $198,250 last month from $200,000 the year prior, a decline of just under one percent. The number of foreclosures and short sales decreased 23 percent. The Realtors caution that comparisons to 2010 may not tell the true story of how the market is faring, due to the incentive of the federal homebuyer tax credit that skewed most 2010 sales upward. When compared to January of 2009, when no such incentive was available, January, 2011 single family home sales increased eight percent and median price increased 13 percent. The median price does not represent values for the same property over time but rather, reflects the mid-point of sales, where half the sales sold for more and half sold for less. In 2009, there were 174 distressed sales, compared to 99 last month, which helped spur the 13 percent jump in median price. “We’re looking forward to a strong spring selling season. After the tax credit ended last summer, we saw double digit declines in year over year sales. The fact that single family sales remained relatively stable last month despite terrible winter weather which delayed inspections and closings, is a sign that the housing market is gaining strength once again,” said Stephen Antoni, RIAR president. “Though the supply of homes on the market has remained relatively constant since January of last year, we still have excess inventory. Those who want to sell will have to come to terms with setting realistic prices,” he added. Though sales lagged in the multi-family and condo markets, median price showed strong increases. Sales were down 44 percent and median price up 22 percent in the multi-family market. Among condos, sales were down nine percent but median price rose 25 percent. Both sectors showed a decline in foreclosures and short sales, down 54 percent in the multi-family market and down 13 percent in the condo market. Statistics from the Rhode Island Association of Realtors relay actual sales data collected through the State-Wide Multiple Listing Service only. It does not include sales transacted through non-Realtor members or for sale by owners. 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.
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Stephen Antoni2011 REALTOR® January 2011 ------------------ January 2011 ------------------ January 2011 ------------------ |
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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