RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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Rhode Island's Housing Recovery Loses Strength in April as ExpectedWarwick, RI, May 25, 2011…Single family housing sales fell 26 percent in April from a year earlier, marking the tenth consecutive month of year to year decline, according to statistics released today by the Rhode Island Association of Realtors. Median price also fell, down seven percent from April 2010 to $190,000, reversing an upward trend in median price that began in November, 2009. April sales volume and median price did rise slightly from the previous month however, up .4 percent in the number of homes sold, and median price rose two percent. Condo sales dropped 16 percent from a year ago and median price fell 11 percent. Multi-family sales fell 31 percent and prices rose a scant .4 percent. Some degree of the decline can be attributed to the tax credit in place last spring which pushed home sales upward. April, 2011 sales however, remained below the sales level of April 2009 when no tax credit incentive was in place. “After months of positive movement, we’ve seen negative numbers in Rhode Island’s housing market recently,” commented Stephen Antoni, President of the Rhode Island Association of Realtors. “If you’re a cash buyer, this is the market for you, but if you need a loan, rigorous lending requirements are making it difficult for even very credit worthy buyers.” Antoni further commented that many believe that rising gas prices may also be a factor in dampening the housing market’s recovery. The Rhode Island statistics echo numbers released by the National Association of Realtors last week which also showed sales and prices to be down across the country. In Rhode Island, foreclosures and short sales continued to decline among single and multi family sales but rose 50 percent among condo sales. “Colleagues are telling me that they’re seeing an increase in activity,” said Antoni. “When comparing this year’s market to last year however, the effects of the tax credit could exaggerate sales decline until the end of June, when the last of 2010’s tax credit sales moved through the market.” 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® April 2011 ------------------ April 2011 ----------- April 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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