RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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Double Digit Housing Gains in the Third Quarter
Warwick, RI, November 5, 2013... Rising interest rates seemed to spur sales in the third quarter. Single family home sales statistics released by the Rhode Island Association of Realtors (RIAR) today show a 19 percent gain in sales activity from the same time last year. Median price also made substantial gains, up ten percent to $218,200, thanks in large part to a decline in financially distressed sales. The number of single family foreclosure and short sales declined 13 percent in the third quarter and accounted for 17 percent of total sales, down from 23 percent in the third quarter of 2012. Single family home median price rose as much as 70 percent in West Greenwich where the number of distressed sales dropped 33 percent. The condominium market showed a marked turnaround, with sales activity rising 57 percent from third quarter, 2012 and median price rising seven percent to $199,450. Of particular interest was a distressed market in which distressed sales fell from 50 percent of all sales in the third quarter of 2012 to 15 percent of total third quarter sales this year. "Up until this year, the condo market was lagging in the recovery. Last year, many were in a short sale or foreclosure situation which really limited the number of sales. Now we're seeing the condo market bounce back in a big way," said Victoria Doran, 2013 RIAR President. The multi-family market also showed signs of rebound with sales activity up six percent and median price rising to $140,000, a seventeen percent increase. The number of foreclosure and short sales fell 26 percent. The distressed market remains most evident in the multi-family sector however, with 32 percent of all sales selling through foreclosure or short sale. At its worst, distressed sales accounted for more than 80 percent of the multi-family market. "It's hard to predict what happens next," said Doran. "Sales under contract but not yet closed were down in August and September, which would generally indicate that sales activity will begin to slow in the fourth quarter. Plus, ramifications of the government shut down could skew October statistics. But mortgage rates have been falling since September and that has kept buyers in the game." |
Victoria Doran2013 REALTOR® 3rd Quarter 2013 ----------- 3rd Quarter 2013 ----------- |
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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