Home Prices Continue to Rise 
Warwick, RI,April 26, 2013 - The median price of single family home sales rose nine percent in March from a year ago, to $190,000 according to statistics released today by the Rhode Island Association of Realtors. The single family median sales price has also increased from month to month since January, when it was $175,000.
The price increase was accompanied by a drop of two percent in the number of homes sold. The number of homes available for sale decreased by 16 percent and the number of pending sales - or sales under contract – declined .2 percent.
The imprint of distressed sales on the market continues to diminish, improving the overall health of the market. Foreclosure and short sales accounted for roughly one in three of all sales a year ago compared to one in four last month.
"We're ushering in the spring market with interest rates at historic lows and prices, though rising, are still extremely reasonable," said Victoria Doran, President of the Rhode Island Association of Realtors. "We still have a little way to go to a completely balanced market but we’re definitely on the right track."
Nowhere is falling inventory more apparent than in the multi-family market. The number of properties available for sale has fallen each month by double digit amounts for more than a year. March statistics show a 22 percent decline in properties for sale from the prior year and distressed sales accounted for 42 percent of all sales compared to 51 percent last year. The median price of multi-family homes dropped two percent in March from the year prior but rose 30 percent from February. Sales activity declined by 16 percent year to year, but rose 11 percent from the prior month.
The condominium segment of the market showed the most significant headway in the market recovery last month. The median price rose 38 percent to $177,750 from $128,750 in March, 2012. Sales activity also increased by 31 percent - the eighth consecutive month of sales increases. The number of condominiums under contract also rose by five percent and the number of units for sale fell by 14 percent - both strong indications of continued positive trends in the condo market.
"The condo market is bouncing back remarkably. It could be that people who rented condos that had been temporarily converted to rentals during the downturn, are now choosing to stay in place and own," said Doran.
The Rhode Island Association of Realtors will be releasing a first quarter market report on April 30th. |
Victoria Doran
2013 REALTOR®
State President
March 2013
Single Family Sales
By Town
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March 2013
Single Family Monthly
Sales Comparison
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March 2013
Multi Family
Monthly
Sales Comparison
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March 2013
Condo Monthly
Sales
Comparison
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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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