RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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Another Month of Increased Sales for RI Single Family Homes
Prices Beginning to Stabilize Warwick, RI, August 21, 2012…Rhode Island home sales continued to improve in July, increasing 22 percent from the year prior. Though median price was down one percent from July 2011, prices have shown continued improvement throughout the year. The one percent decrease marked the smallest annual decrease so far this year, a sign that prices are beginning to stabilize. July statistics released by the Rhode Island Association of Realtors today show the median price of all single family home sales at $207,000 last month, while the median price of conventional sales only – meaning those not sold through foreclosure or short sale - was $238,000. Median price has continued to rise month to month since February. July was no exception, despite a sudden increase in the distressed market, which typically tends to lower the median as foreclosure and short sales generally occur in the lower price brackets. The number of homes sold through foreclosure or short sale increased from 21 percent in July, 2011 to 25 percent this July. The percentage of distressed sales also increased from the month prior. In June, foreclosure and short sales accounted for 23 percent of all existing single family sales. "Overall, another favorable month for the Rhode Island real estate market," commented Jamie Moore, 2012 President of the Rhode Island Association of Realtors. "Sales are up, prices are rising, and despite a few ups and downs, the distressed market has become less significant throughout the year." Moore explained that though single family distressed sales were slightly higher in July, they accounted for less than one in four sales, a decrease from prior months early in the year when they accounted for one in three sales. The multi-family market also saw a rise in year over year sales with 118 multi-family properties sold last month compared to 95 sold in July, 2011. Median price decreased four percent to $135,000. Distressed sales accounted for 43 percent of all July sales, compared to 58 percent last year. The median price of all conventional sales was $164,000. Condominium sales did not fare as well last month, showing no change in the number of sales between July, 2011 and July, 2012. The median price dropped significantly, down 35 percent, most likely owing to a sharp increase in distressed sales. Such sales accounted for 25 percent of all condo sales last month, compared to 14 percent a year ago. "Condominium statistics can be easily influenced. With less than 100 sales last month, one change in pricing strategy for a particular development can skew the numbers significantly," explained Moore. July's median condo price of $157,500 is just slightly above the $155,450 median price seen at the beginning of the year. |
Jamie Moore2012 REALTOR® July 2012 ------------------ July 2012 ----------- July 2012 ------------------ |
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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