Reports are still mixed in the Real Estate market, but the National Association of Realtors is reporting that the statistics are starting to show some encouraging signs. In a recent article sent to Realtors NAR stated, “Existing-home sales [nationwide] – including single-family, townhomes, condominiums and co-ops – jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.09 million in August, and are 9.2 percent higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007.”
Here in the Northeast, “existing-home sales increased 4.4 percent to an annual level of 950,000 in September, and are 11.8 percent higher than September 2008. The median price in the Northeast was $234,700, down 7.0 percent from a year ago.”
We have done some local analysis for Rhode Island and have also seen the rise in homes sold. Our results took a look at Single Family Homes solely, which attributed for the increase. In September RI sales were 27.6% over September of 2008, but the median price was down 8.2% to $201,050. Our Q3/09 Market Report, which reports quarterly data, is posted on our web page.
Watch Libby Isaacson, Chief Operating Officer for Residential Properties Ltd. discuss the 2nd quarter 2009 market report. Libby discusses the state of the market and some of the trends we’ve discovered over the past few months.
Finally, some good real estate news!
Here are some facts:
Single Family
# Homes Sold increased 2.2% in May of 2009 as compared to May of 2008
# Homes Sold increased 25.9% from April to May of this year
# Pending Sales are up 24% from last year.
Median Single Family sales price rose from $183,000 in April to $190,000 in May.
Single Family Short Sale & Foreclosures are down, from 42% in April, to 34.2% in May.
Condos
The # of condo sales rose 21% from April to May, but the median price decreased 19.7% during that time period. Just over 30% of those condo sales in May involved short sales or foreclosures.
Multi-families
The # of Multi-family sales were up 46.2 percent from May of last year, but down 22.3% from April of this year.
The median price of multi-family properties rose from $69,900 in April to $82,000 in May. Distressed properties account for 79.3% of these sales.
For a full analysis of the data, visit RILiving.com
To read more about May’s market performance, visit Projo.com
Visit Providence Business News to read real estate staff writer Kevin Shalvey’s article on home sale growth
