RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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Realtors Release 1st Quarter Sales StatisticsWarwick, RI, May 3, 2011… The Rhode Island Association of Realtors released sales statistics today which indicated that the median price of existing single family home sales rose one percent during the first quarter to $195,000 from $193,000 in the first quarter of 2010. Sales activity in January through March declined 11 percent. The number of homes sold through short sale or foreclosure dropped 22 percent. "The good news is that our prices are up, but sales activity is not as vigorous as we would like it to be. "The weather was a factor in the winter months and we didn’t have the benefit of the homebuyer tax credits like we did last year, but the biggest factor may be financing," commented Stephen Antoni, President of the Rhode Island Association of Realtors. "Though mortgage rates remain under five percent and homes are more affordable than they’ve been since 1970, extremely stringent lending standards seem to be holding sales back." The condominium market fared slightly better than the single family market with median price rising four percent to $177,000 and sales declining only eight percent. The number of distressed sales fell 11 percent year to year. Despite a ten percent gain in median price among multi-family homes, sales activity decreased 38 percent. The number of properties sold through short sale of foreclosure dropped 46 percent. "Investors hit the multi-family market en masse when distressed sales were at their peak a couple of years ago. While we’re seeing a considerable slowdown in sales from that time, the sales activity and prices in the multi-family market are actually getting back to more normal levels now," explained Antoni. March sales figures also released today revealed that the housing recovery which has been in evidence since November 2009 will not be a straight line. The median single family home sale price was $186,250, down nearly four percent from March, 2010. March marked only the third time that single family median price has fallen year over year since November, 2009. Sales activity also slowed, falling almost 15 percent from the prior year. "It’s not possible to say with accuracy what caused the dip but in addition to stricter lending, the price at the pump and talk of increased taxes may have something to do with it," said Antoni. The median price of condo sales also declined in March, to $160,000 from $165,000 the year prior, and the number of sales declined 12 percent. March multi-family sales prices remained stable (no change) but sales activity dropped 19 percent. Distressed sales in the condo and multi-family markets fell 13 and 25 percent, respectively. Nationally, sales in all categories were 6.3 percent below the level seen in March 2010 and median price was down six percent. Statistics from the Rhode Island Association of Realtors relay actual sales data collected through the State-Wide Multiple Listing Service only. They do not include sales transacted through non-Realtor members or properties sold by owner. The data is not seasonally adjusted or benchmarked in any way. 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® March 2011 ------------------ 1st Quarter 2011 ----------- 1st Quarter 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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