RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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Realtors Report Positive Signs in December Home SalesWarwick, RI, January 20, 2011…The Rhode Island single family market gained some momentum in the last month of the year, according to December sales statistics released today by the Rhode Island Association of Realtors. The median price of single family home sales rose half of a percent from November and 5 percent from 12 months prior. The December 2010 median price of single family homes was $210,000. The number of single family home sales in December totaled 529, up from 505 in November, but remained down nine percent from December 2009. The nine percent drop ended five months of year over year double digit sales declines, signifying that the sales slowdown which began in July after the expiration of the tax credit, may be nearing an end. The number of single family homes which sold through short sale or foreclosure fell 34 percent from December 2009. “We saw some energy return to the housing market in December and a healthy gain in median prices. Median price has historically risen at prime plus one to two percent so we’re seeing normal price gains. We’re hopeful that the market will continue to rebound in 2011,” commented Stephen Antoni, President of the Rhode Island Association of Realtors. The median price of multi-family sales rose eight percent from November, 2010 and 17 percent from December 2009 to $135,000. Sales slowed by 33 percent from the year prior, down to 124 sales in December, as the flurry of 2009 activity sparked by low foreclosure prices abated throughout 2010. The number of distressed multi-family sales declined 51 percent from the year prior. Condominium sales struggled in December, down 17 percent from the month prior and 35 percent from December 2009. The median price of $178,500 also showed a decline, down ten percent from November and four percent from the December 2009 price of $185,000. The number of distressed sales decreased 50 percent since December 2009. “The condo market was the last to enter the recovery and has trailed behind the other sectors. We believe we’ll see a turnaround in 2011 as distressed sales move out of the market,” commented Antoni. 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® December 2010 ------------------ December 2010 ------------------ December 2010 ------------------ December 2010
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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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