RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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RI Home Prices on the Rise
Warwick, RI… April 25, 2014 - The Rhode Island Association of Realtors released March sales statistics today that highlighted escalating home prices. At $205,000, March’s median sales price was the highest price recorded at the end of the first quarter since 2008. The median price of single family home sales rose eight percent since March, 2013. The data is derived from all Realtor-assisted sales input into the State-Wide Multiple Listing System. Single family home sales activity slowed slightly however, down .3 percent in March from 12 months prior, though it bounced back significantly from a lull in activity in February. Pending sales –those properties under contract but not yet sold – fell four percent. “We’re seeing exactly what we expected to see, said Robert Martin, President of the Rhode Island Association of Realtors. “The harsh winter weather and fears of skyrocketing flood insurance rates put a slight damper on sales activity in the beginning of the year but those problems are behind us for the most part. This is turning out to be the best spring selling season we’ve seen in a long time.” The condominium market fared even better than the single family home market with median price rising by ten percent and sales volume increasing by five percent. Pending sales were also up by seven percent indicating that the condo market will remain strong in the months ahead. The multi-family market showed the most price appreciation of all three property types, rising 19 percent to $149,000. The number of sales however, dropped sharply and a 13 percent decline in pending sales indicates slower sales in the near future. The Rhode Island Association of Realtors will release first quarter sales data on May 1. |
Robert Martin2014 REALTOR® March 2014 ------------------ March 2014 ------------------ March 2014 ------------------ |
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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