Spring has definitely arrived and so has the Spring market, and the first quarter numbers released this week by the Rhode Island Association of Realtors reflect it. Sales were up for single family homes and condominiums, but down for multi families. Single family sales rose 8.5% from the first quarter of 2009 while median price rose 7.2% to $193,000. Distressed sales dropped to 36 percent of all sales, down from 48 percent in 2009. Sales in March alone rose 20% from last year. The median price of non distressed single family properties was $225,000. At the end of March, there was a ten-month supply of homes for sale. The stats also show a higher inventory of single family homes in the first quarter compared to a year ago. http://www.statewidemls.com/RealtorResources/SalesStats/Documents/1stQ-Single2010.pdf Condo sales increased 13 percent, with a one percent rise in price to $177,000. Twenty-five percent were distressed properties compared to 32 percent in 2009. The median price of non-distressed condo sales was $209,000. There is about a 16-month supply of condos for sale. http://www.statewidemls.com/RealtorResources/SalesStats/Documents/1stQ-Condo2010.pdf The multi-family sales dropped 26.3 percent in the first quarter, while the median price rose 34 percent from $80,000 in the first quarter of 2009 to $107,150 this year. Eight-six percent of all multi-family sales in the first quarter of 2009 occurred through foreclosure or short sale with 67 percent this year. March data shows that number dropping to 63 percent and median price hitting $120,000 with a seven-month supply of properties for sale. http://www.statewidemls.com/RealtorResources/SalesStats/Documents/1stQ-Multi2010.pdf This Weeks Real Estate Insight Many recent buyers have cited low interest rates and affordable prices as the reason they have bought, more so than the tax credit, so it is to be seen if the momentum holds after the deadline passes at the end of the month. Overall economic activity has continued to strengthen and the labor market is beginning to improve. The Federal Reserve is upbeat on the economy and labor and on Wednesday said that they will leave interest rates near zero. So I am, as ever, the eternal optimist, but at least now, I have some numbers to back me up.First Quarter Numbers Look Promising
- By Michael McCann
- Posted
Spring has definitely arrived and so has the Spring market, and the first quarter numbers released this week by the Rhode Island Association of Realtors reflect it. Sales were up for single family homes and condominiums, but down for multi families. Single family sales rose 8.5% from the first quarter of 2009 while median price rose 7.2% to $193,000. Distressed sales dropped to 36 percent of all sales, down from 48 percent in 2009. Sales in March alone rose 20% from last year. The median price of non distressed single family properties was $225,000. At the end of March, there was a ten-month supply of homes for sale. The stats also show a higher inventory of single family homes in the first quarter compared to a year ago. http://www.statewidemls.com/RealtorResources/SalesStats/Documents/1stQ-Single2010.pdf Condo sales increased 13 percent, with a one percent rise in price to $177,000. Twenty-five percent were distressed properties compared to 32 percent in 2009. The median price of non-distressed condo sales was $209,000. There is about a 16-month supply of condos for sale. http://www.statewidemls.com/RealtorResources/SalesStats/Documents/1stQ-Condo2010.pdf The multi-family sales dropped 26.3 percent in the first quarter, while the median price rose 34 percent from $80,000 in the first quarter of 2009 to $107,150 this year. Eight-six percent of all multi-family sales in the first quarter of 2009 occurred through foreclosure or short sale with 67 percent this year. March data shows that number dropping to 63 percent and median price hitting $120,000 with a seven-month supply of properties for sale. http://www.statewidemls.com/RealtorResources/SalesStats/Documents/1stQ-Multi2010.pdf This Weeks Real Estate Insight Many recent buyers have cited low interest rates and affordable prices as the reason they have bought, more so than the tax credit, so it is to be seen if the momentum holds after the deadline passes at the end of the month. Overall economic activity has continued to strengthen and the labor market is beginning to improve. The Federal Reserve is upbeat on the economy and labor and on Wednesday said that they will leave interest rates near zero. So I am, as ever, the eternal optimist, but at least now, I have some numbers to back me up.
