Residential Properties Ltd., Rhode Island’s leading real estate company, proudly announces an array of achievements after 2023’s first two quarters. From significant statistics and outstanding sales to vibrant new marketing, RPL has lived up to its reputation for people-focused service that translates to top sales. In 2023, RPL again earned a spot on the prestigious RealTrends 500, an independently verified list of the top 500 most successful real estate companies in the U.S., marking the 11th straight year that RPL has appeared on the list and the third straight year that the brokerage achieved inclusion in the RealTrends Billionaires’ Club.
Standout stats
The company is proud to have earned State-Wide MLS’ #1 ranking in several important sales categories, including:
- #1 for Total Sales Volume ($397,600,204 - 58% higher than the next closest competitor)
- #1 for Total Condominium Sales (100)
- #1 for Overall Market Share (7.27%)
- #1 for Commercial Sales Volume ($38,794,900)
Throughout the opening six months of the year, inventory continued to be unusually low, with the number of new listings dipping by over 27% year-over-year in Rhode Island and by over 21% in South Coast, MA. As a result, Rhode Island overall sales were down by more than 27% compared to the first half of 2022, with South Coast, MA sales falling by over 22%.
In spite of external conditions, Residential Properties moved into high gear in 2023, pulling out every stop to maximize collaboration among agents and colleagues. RPL opened a new state-of-the-art training center in the East Greenwich location, offering not only continuing education for our agents, but also pre-license training for future agents in the community. In addition, renovated office spaces, most recently in Barrington, and new approaches in marketing have created a climate for success throughout the company.
“I’m thrilled by the hard work of all our real estate professionals in this first half of 2023,” RPL President & CEO Sally Lapides said. “What has always differentiated Residential Properties is that our agents prioritize collaboration as one of the best ways to get a deal done for clients. Our goal has been to facilitate productive working relationships internally and externally, which is why we made some key changes this year, the results of which are already being felt.”
Significant sales
RPL was proud to participate in record-breaking and notable transactions in its first two quarters. The brokerage had the highest sale in 14 cities and towns throughout Rhode Island and Massachusetts during the first six months of the year. Highlights include:
- 20 Cooke Street - $2,785,000. Listed and sold by The Sweeney Advisory.
Providence’s highest single-family sale this year and the highest price per sq. ft. ever recorded for a Providence single-family sale.
- 43 Poplar Street - $14,000,000. Listed and sold by the Bessette Veloso Group.
The state’s highest commercial sale of the first half of 2023 and highest Cranston sale ever.
- 55 Lenihan Lane - $1,885,000. Listed by Broker Associate Therese Vezeridis.
East Greenwich’s highest single-family sale of the year.
- 107 George Hill Road - $1,130,000. Sold by Sales Associate Kimberly Horvath.
Grafton, MA’s highest single–family sale of the year.
- 4 Pine Tree Lane - $2,000,000. Sold by Sales Associate Tom Wegner.
Lincoln’s highest single-family sale of the year.
- 26 Coddington Wharf, #2S & 1N - $1,700,000. Sold by Sales Associate Sandy Conca.
Newport’s highest condo sale of the year (tied with one other sale at the same price).
- 11 Oyster Point, #11 - $1,029,000. Listed by Sales Associate Barbara Stamp and sold by Sales Associate Nancy Weaver.
Warren’s highest condo sale of the year.
Staying the course while staying ahead
RPL has also made big splashes in its marketing in 2023, increasing the company’s reach on the national, international, and the local level.
“We moved our full-time, in-house Marketing team right onto street level at our Providence office, creating a nice, open dynamic between our corporate colleagues and our community,” Lapides said. “By the way, PVD Donuts is our new next-door neighbor – we better be ready if they ever ask to borrow sugar! That’s on the local level. On the national level, because we saw buyers coming in from across the country, we’re now advertising in the Boston Globe, the Wall Street Journal, and digitally to our feeder markets so that people all over can know how wonderful it is to live in Rhode Island. This, paired with our full-time Relocation division, which helps us work with institutions large and small while leveraging relationships with Leading Real Estate Companies of the World® and Luxury Portfolio International®, gives us a reach and capacity that exceeds competitors such as Sotheby’s and Compass.”
Looking at the remainder of the year, Lapides foresees a good deal of business as usual, absent the swings that one would expect in more typical markets, and remains optimistic about the possibilities.
“What we’re looking for, hopefully in the second half of 2023, is for interest rates to come down so that first-time homebuyers are able to get their feet in the water, which will unlock a lot of sellers to sell homes that they refinanced during their last two years,” Lapides said. “I haven’t experienced a market like this in all my years in the business, but expecting the unexpected is all part of the game and now, more than ever, RPL is ready for it.”
*Information based in whole or in part on data supplied by State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from State-Wide MLS as of July 2023.
