Real Estate News: Good Word on Housing
Wednesday, April 28, 2010
The condo market also saw increased sales of 13 percent, with a slight growth of one percent in median price to $177,000. Twenty-five percent of all sales were sold through short sale or foreclosure compared to 32 percent a year ago. The median price of non-distressed condo sales was $209,000. “Double digit growth in sales volume is important in the condo market because we still have an abundance of units for sale," says Martone. "Rhode Island had a 16-month supply of condos for sale at the end of March."
The multi-family market was the only category to see a downturn, with sales figures down 26.3 percent from January through March 2009. Median price however, rose substantially, up 34 percent from $80,000 in the first quarter of 2009 to $107,150 this year. With foreclosures and short sales flooding the market, prices bottomed out (86 percent of all multi-family sales in the first quarter of 2009 occurred through foreclosure or short sale. That statistic fell to 67 percent this year, and March monthly sales data shows that number dropping as low as 63 percent and median price hitting $120,000 with a seven-month supply of properties for sale.
“Clearly, the multi-family market is stabilizing in Rhode Island," says Martone. "We saw a feeding frenzy last year when prices were plummeting but it appears that the fire sale mentality is over. We’re getting back to business as usual."
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