RI HOUSING SALES CONTINUE TO CLIMB IN THE SECOND QUARTER
PRESS RELEASE
Below is the latest quarterly market report for real estate sales in Rhode Island. We continue to see RI housing sales continue to climb in our state.
Warwick, RI, July 31, 2012... The housing market improved consistently in the second quarter, with single family home sales up 18 percent compared to the same time period last year. Rhode Island Association of Realtors home sales statistics showed that though the second quarter median price of $192,000 remained down six percent from the prior year, the price has risen each month since February and topped the $200,000 mark in June for the first time since August, 2011.
The percentage of sales through foreclosure and short sale decreased slightly from 27.5 percent from April to June, 2011 to just under 27 percent this year. Distressed sales also fell throughout the quarter, accounting for one in three sales in April to less than one in four in June. The market showed a significant improvement from the first quarter as well, which reflected that 34 percent of all sales were sold through foreclosure or short sale. The first quarter single family median price of conventional sales, which exclude distressed sales, was $235,000, 23 percent more than the median price of all sales including foreclosure and short sales.
"There's no question that we're moving in the right direction. We seem to have moved a large proportion of distressed properties off the market and conventional sales are becoming more prevalent again," said Jamie Moore, president of the Rhode Island Association of Realtors.
Condominium sales rose by 11 percent while median price fell less than two percent to $170,000. The first quarter median price of $135,000 had been 21 percent lower than the year prior so the second quarter price indicates rising values in the condominium sector. The percentage of distressed condominium fell from 24 percent in the second of quarter of 2011 to 22 percent this year. The median price of condo not sold under financial duress was $195,000.
The number of sales fell slightly in the multi-family market, from 340 from April through June, 2011 to 338 in the second quarter of this year. Median price held steady however, rising .4 percent to $120,500. Forty-seven (47) percent of all second quarter, multi-family sales were sold through foreclosure or short sale compared to 50 percent last year and 55 percent in the first quarter of this year. The median price of conventional sales was $150,750.
"Investors saw the bottom and got great deals on multi-family properties. Now as the number of distressed properties available for sale continue to decline, values are beginning to rise," said Moore. She added that the enhanced affordability of home prices coupled with the lowest interest rates ever, are creating great opportunities for buyers of all property types.
Our state flag says "Hope", and as a Rhode Islander I have a lot of it. Contact me if you have questions or if you want to find out more about living in Rhode Island.
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