RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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Inventory Reaches Multi-Year Low
Warwick, RI, January 29, 2014… Statistics released by the Rhode Island Association of Realtors show that the single family home median sales price rose eight percent in December from 12 months earlier, to $200,000. The number of sales however, fell by 2 percent. Realtors pointed to the government shutdown in October, which they say played a role in delaying December closings, as one reason for the sales decline. The lowest number of homes for sale since 2005 also helped to restrain sales activity. Rhode Island had a 5.8-month supply of homes on the market at the end of the year, swinging the pendulum just slightly in favor of sellers. A six-month supply is considered balanced between supply and demand. In the investor driven multi-family market, the median sales price rose 25 percent to $150,000, the highest median price since May, 2008. Like the single family market however, sales activity decreased, down 19 percent from the previous December. Sales activity and median price were down in the condominium market in December, with activity slowing by four percent and median price down eight percent to $183,250. Pending sales, or sales under contract but not yet sold, were down eight percent in the single family home market, one percent for the condo market, and 10 percent among multi-family homes. The decrease in pending sales, which are considered the best indicator of sales activity in the coming months, suggest that lull in home sales is likely in the beginning months of 2014. Pent up home seller demand however, is likely to add properties to the supply for sale by the spring selling season. Increases in median price were driven by decreases in foreclosure and short sales in all three categories, which typically occur in the lower end of the market. Median price is not a reflection of the value of the same home over time, but rather, reflects the mix in size and price of homes on the market, with half selling for more and half selling for less. The Rhode Island Association of Realtors will release fourth quarter and 2013 year-end statistics on Thursday, January 30th. |
Robert Martin2014 REALTOR® December 2013 ------------------ December 2013 ------------------ December 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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