RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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Median Price Still Up While Sales Activity Moderates
Warwick, RI, June 24, 2014… According to data released by the Rhode Island Association of Realtors today, the median sales price of existing single family homes in Rhode Island rose .7 percent in May to $208,950. With the exception of February of this year, the median sales price has risen every month from the prior year since October, 2012. “The market is still recovering but like much of the rest of the country, the recovery has slowed down. Sellers have been lucky that we have seen price increases for most of the year despite a market which slightly favors buyers,” said Robert Martin, President of the Rhode Island Association of Realtors. Martin explained that a six-month supply of homes for sale indicates a market balanced between buyer demand and seller supply. After hovering around the six-month mark toward the end of 2013, the state’s housing market began to tip back slightly in favor of buyers this year. There was a seven-month supply of single family homes on the market at the end of May. The slight shift in market balance can be attributed to a slowdown in sales activity. The Rhode Island Association of Realtors reported 53 fewer single family home sales last month compared to May, 2013. (Realtor assisted sales are typically reported as a comparison to the same time during the previous year to avoid the seasonal fluctuations inherent in month to month comparisons.) The number of sales under contract but not yet closed also decreased four percent, indicating a continued moderation of the market in the months ahead. The multi-family market followed suit with median price up 14 percent and sales activity down four percent. Pending sales which typically close within 30 to 60 days, were down ten percent. In the condominium market, median price fell seven percent in May to $199,000 and 30 fewer condos sold compared to May, 2013. Pending sales however, increased slightly. A number of factors could explain the slowdown in sales, according to Martin. “The pent up demand of people financially able to buy following the recession has now diminished. Now many homeowners are staying in their current homes because though they’ve regained equity, they haven’t realized enough appreciation to be able to make a move. A prevalence of cash buyers have also made it tougher for some people to compete for the homes they want,” commented Martin. |
Robert Martin2014 REALTOR® May 2014 ------------------ May 2014 ------------------ May 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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