RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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Home Affordability Best in YearsWarwick, RI, November 22, 2011...October sales statistics released today by the Rhode Island Association of Realtors (RIAR) showed existing single family home sales up nearly eight percent from October, 2010, the fourth consecutive month of increased sales year over year. Median price however, decreased 17 percent statewide to $182,250, most likely due to a 27 percent increase in short sales and foreclosures. Such distressed sales predominantly occur in the lower price ranges and substandard conditions often result in discounted prices, bringing the overall median price down. Median price rose in eleven municipalities – all of which avoided an increase in distressed sales. The median price of conventional sales – those not selling through foreclosure or short sales – was $224,000. "Given that we've seen interest rates in the threes and fours and home values more affordable than they’ve been in years, I don't think we'll see another time in the near future when people will have more buying power," commented Jamie Moore, 2012 RIAR President. October condominium sales rose 25 percent from the year prior, while median price fell 19 percent to $141,000. Thirty-one (31) properties sold through foreclosure or short sale last month compared to 13 in October, 2010. The median price of non-distressed sales was $176,450. Multi-family sales remained stable, up less than one percent from October, 2010 but median price fell 31 percent to $100,000. Distressed sales increased from 51 in October, 2010 to 64 last month, the first increase since August, 2009. The median price of non-distressed sales was $134,750. "Increased sales are helping to deplete the excess supply of homes on the market which will help prices to stabilize," said Moore. "It's important to note that the median price reflects the types of homes that are selling during the quarter and can be misleading at times when foreclosures depress the market. When pricing a home for sale, or looking to purchase, remember that the median price does not reflect the value of one home over time, but is the mid-point of all sales, where half sold for more and half sold for less." 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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Jamie Moore2012 REALTOR® October 2011 ------------------ October 2011 ----------- October 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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