RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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Sales Continue to Tick Up in Last Quarter of 2011Warwick, RI, January 24, 2012... The Rhode Island Association of Realtors (RIAR) released data today indicating that sales activity in the state's housing market has been trending up, with sales rising for the second consecutive quarter during the last three months of 2011. Fourth quarter sales data showed single family home sales rising ten percent from the same time period during the prior year. A 28 percent increase in the number of distressed sales however, led to a decline in median price of 12 percent, to $185,000. The median price reflects the mid-point in sales, with half selling for more and half selling for less, and typically declines as lower priced foreclosures and short sales are added to the mix of properties sold. The median price of properties not sold under duress has typically been 10 to 20 percent higher than the overall median price in recent months. "Sales increased in the second half of the year without the aid of any homebuyer tax incentives. That's what we want to see. Sustained growth in sales is the only way we're going to get back on solid footing, and that's what we started to see again in the last half of last year," said Jamie Moore, 2012 RIAR President. "We're hopeful that that momentum will carry through in 2012. Consumers seem to be recognizing that it’s a good time to buy. Houses are affordable and interest rates below four percent are the lowest they’ve ever been, making home ownership even more attainable." Overall in 2011, single family home sales decreased two percent and median price fell seven percent to $195,000 compared to the previous year. Sixteen Rhode Island towns bucked the state-wide year end trend, realizing more sales in 2011 than 2010. Similarly, six towns – Little Compton, Portsmouth, Barrington, Scituate, Exeter, and Narragansett – saw rising prices. Another three - Middletown, Jamestown and Westerly - saw no change in median price. Like the single family trend, condo sales increased in the fourth quarter, rising 17 percent. A 76 percent increase in the number of distressed sales in the fourth quarter however, led to a drop in median price of 16 percent to $155,000. Yearend figures showed that condo sales decreased two percent in 2011 and median price fell five percent to $176,950 from prior yearend statistics. The number of distressed condo sales throughout the year rose by 23 percent. Activity also increased in the multi-family market in last year’s fourth quarter, which experienced six percent more sales than the fourth quarter of 2010. The median price was down 20 percent to $108,500 and the number of distressed properties sold grew 22 percent from the prior year. Yearend figures reflect an 18 percent drop in sales from January through December compared to the same months in 2010, which likely can be contributed to a 24 percent decrease in foreclosure and short sales. The median price for the year fell one percent to $119,950. "The lengthy processing delays involved with foreclosure and short sales finally seem to be letting up," commented Moore. "As difficult as these sales are, the faster we get these sales moving through to closing, the better off the market will be. We're looking forward to more activity in the months ahead." Note: The Rhode Island Association of Realtors reports raw data input to the State-Wide Multiple Listing Service (MLS). It does not benchmark the data in anyway. State-Wide MLS data includes sales of Rhode Island properties only, not the Rhode Island Metropolitan Statistical Area of Rhode Island, Fall River and New Bedford. 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® 2011 Year End ----------- 2011 Year End ----------- 2011 Year End ----------- 4th Quarter 2010 ----------- 4th Quarter 2010 ----------- |
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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