Sales Continue to Grow in Home Market

By
Real Estate Appraiser with Grimaldi Appraisal Services

Sales Continue to Grow in Home MarketDeer at Sliding glass door with young one

 

December 20, 2011 - Warwick, RI...Single family homes sales continued to rise in November, according to sales statistics released today by the Rhode Island Association of Realtors. Five hundred and thirty-three (533) homes sold in November, up from 505 in November, 2010, a six percent increase.  Pending sales – homes under contract but not yet closed – also increased 14 percent from the same time last year.  The distressed market remained stable with 117 homes sold through short sale or foreclosure, the same as the number sold in November, 2010.

 

The median price of single family homes declined eight percent since the prior year but rose six percent from the previous month. The median price of single family home sales last month was $193,000 and the median price of single family homes sold through conventional means only, meaning not through short sale or foreclosure, was $222,500.

 

"We’re still in a recovery period and increased sales are helping to stabilize the market," said Jamie Moore, 2012 President of the Rhode Island Association of Realtors.  "We won't see an increase in prices until we see a balance of supply and demand so the more homes that sell, the better off the market will be," she said.

 

Condo sales rose one percent since November, 2010 and pending sales increased six percent.  Distressed condo sales increased 23 percent however, leading to a decline in median price of 17 percent.  (Low-priced foreclosure and short sales tend to drag the median price down.)  The median price of non-distressed sales was $231,000, compared to the overall condo median sales price of $163,500. 
"The condo market is struggling a bit more now than the single family home market but we did see some progress in November.  The November median price was 16 percent higher than it was in October," relayed Moore.

 

Multi-family properties also saw a rise in sales of 11 percent from November 2010 and a rise in pending sales of six percent.  Distressed sales rose 11 percent from the year prior as well, helping to drag down the year over year median price by four percent.  The median price has risen in recent months however, with October's median of $100,000 increasing 20 percent to $120,000 last month.

 

Recently, the National Association of Realtors announced that it will downwardly revise sale and inventory data recorded since January 2007 due to benchmarking revisions.  The change has no bearing on RI Association of Realtors statistics which are derived from raw sales data input into the State-Wide Multiple Listing Service and are not benchmarked for seasonality or other variances in any way.

 

Note: Information is provided by State-Wide Multiple Listing Service, Inc. Readers are cautioned that the median sales price --- with half the prices higher and half lower --- generally reflects the quality and the mix (type and size) of the properties being sold at the time and is not a true measure of home values.
 
 

Keeping you informed every step of the way.

 

 

 

 

Deb Grimaldi

Re/Max 1st Choice

980 Reservoir Avenue

Cranston, RI   02910

(401) 837-9633

http://www.debg.remax-newengland.com

 

 

Looking to move to Rhode Island & need some help sorting out the areas that are best suited for your family, call Debbie to help make your move more enjoyable.

 

 

 

 

Posted by

Deborah Grimaldi

Re/Max 1st Choice

980 Reservoir Avenue

Cranston, RI   02910

Direct 401 837-9633

 

 

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Rainmaker
883,926
David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct

Here in Ct we have seen a little less volume on average but a little improvement in price, looking forward to a busy 2012 in the real estate market ~ Happy Holidays

Dec 19, 2011 11:30 PM #1
Rainer
243,805
JOSH EVANS *JoshEvansHomes 516-655-5000
Village Properties of Mineola, LLC - Mineola, NY

Sales are going up as prices are going down. Good job and good luck to you this year

Dec 19, 2011 11:34 PM #2
Rainmaker
169,663
Deborah Grimaldi
Grimaldi Appraisal Services - Cranston, RI
(401) 837-9633

Hi David,

A little improvement in the market seems to be a big deal these days. We shall pull through, Happy Holidays.

 

Hi Josh,

 

Eventually it will all even out as that would be a great start for us. Good luck to you in 2012.

Dec 19, 2011 11:48 PM #3
Rainmaker
565,035
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Deb,

Great report; it's surprising how similar reports are across the nation. Love the photo.

Merry Christmas,

SC

Dec 20, 2011 01:19 AM #4
Rainmaker
169,663
Deborah Grimaldi
Grimaldi Appraisal Services - Cranston, RI
(401) 837-9633

Hi Guys,

 

Yes, it is something that many of the reports have very similar information. Happy Holidays to all

 

 

Dec 20, 2011 06:04 AM #5
Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Deb - The market is improving.  The average sales price is a victim of short sales.

Dec 20, 2011 07:59 AM #6
Rainmaker
169,663
Deborah Grimaldi
Grimaldi Appraisal Services - Cranston, RI
(401) 837-9633

Hi Conrad,

 

Yes, we will be on track soon enough.

 

Happy Holidays

Dec 20, 2011 08:17 AM #7
Rainmaker
1,037,008
Kathy Clulow
RE/MAX All-Stars Realty Inc. Brokerage - Uxbridge, ON
Trusted For Experience - Respected For Results

Deborah - Glad to see the recovery train is picking up fuel in RI ..... it is making its way back and forth across the continent and is finding more and more places to pick up fuel with each crossing.

Dec 21, 2011 09:53 AM #8
Rainmaker
169,663
Deborah Grimaldi
Grimaldi Appraisal Services - Cranston, RI
(401) 837-9633

Hi Kathy,

 

Yes, things are changing daily, that is a good thing, hope things are improving in your area as well. Happy Holidays.

Dec 21, 2011 10:11 AM #9
Rainmaker
1,964,444
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Deborah

It is great to see growth in all markets and hope what what may be around th corner

Jan 13, 2012 12:38 PM #10
Rainmaker
169,663
Deborah Grimaldi
Grimaldi Appraisal Services - Cranston, RI
(401) 837-9633

Hi Tom

 

Yes, looking forward to some changes in 2012, hope your market is well.

 

Jan 14, 2012 07:46 AM #11
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