Home Prices Increase 12% in RI
Thursday, March 28, 2013
Prices of homes increased by double digits from February of last year to this year -- with median price rising from $170,000 to $189,500, according to data released by the Rhode Island Association of Realtors.
February marked the fifth consecutive month of increasing prices.
While median price rose 12%, sales activity seems to be slowing, rising just two percent last month from February, 2012. Sales under contract but not yet closed, considered by many to the most current market indicator, were down one percent. The supply of homes for sale dropped 18 percent from the prior year, a contributing factor in the slowdown in sales activity, according to statistics released today by the Rhode Island Association of Realtors.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST"We've definitely turned the corner in terms of price," said Victoria Doran, President of the Rhode Island Association of Realtors. "The flip side of that is that sales are slowing down. It appears that many of the people that wanted to take advantage of low prices have already done so. We may need to wait until the typical factors that influence people to buy – job changes or the need for a larger or smaller home for example – motivate buyers before activity picks up."
Condos
Condominium prices rose 55% in February with median price rising to $193,400 from $125,000 the previous year. The number of sales also continued to rise significantly, up 29%, despite a 17% decrease in the supply of condos for sale. Pending sales – sales under contract – remained up 6%.
Multi-family
Multi-family properties, on the other hand, showed an 8% decrease in median price, with sales activity moderating. Seventy-nine multi-family properties were sold in February, a 3% increase from the 77 units sold in February of 2012. Pending sales however, decreased, 6%, the first decrease since July, 2011, likely due to a 26% decline in for sale inventory.
Foreclosure and short sales among all property types fell to 31% of all sales last month from 37% of all sales 12 months earlier. Diminished distressed sales, coupled with a decreased supply of properties for sale, should cause a continued rise in prices in the months ahead.
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