Single Family Home Sales for PPS
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Rhode Island’s Real Estate Company®
Providence Single FamilyReal Estate Market
2009 and
The Recession
Rhode Island’s Real Estate Company®
There are Good Signs
Rhode Island’s Real Estate Company®
General Market Overview
• First Half of 2009 – Paralyzed
• Spring Market? Started in Late June
• Finally, Some Good RIAR Statistics– Year over Year July sales up 8.8%
– Median price steady at $210K, up 14% from '09 low
– Distressed home sales down to 30% vs 44% of total
Rhode Island’s Real Estate Company®
Current State of the Market
• 2 Markets – Distressed and Non-distressed
• 6 Month Supply of SFM – Healthy Market
• 4.6 Month Supply of MFM – Seller's Market
– but highly affected by distressed sales (71% in July)
Rhode Island’s Real Estate Company®
Armory, Broadway, and Elmwood Home Statistics
2008 2009
1st Quarter Avg. Price $123,600 $72,155
2nd Quarter Avg. Price $131,025 $82,431
Includes Multi-family (2-4) properties
Rhode Island’s Real Estate Company®
More Armory, Broadway, and Elmwood Numbers
2006 2009 % Change
Number of Sales for first half of year 73 111 +52%
Days on Market (DOM) for first half of year 72 87 +21%
Includes Multi-family (2-4) properties
Rhode Island’s Real Estate Company®
Most Expensive Sale
• In Broadway District in 2007• 174 - 176 Broadway• $570,000
Rhode Island’s Real Estate Company®
Most Expensive Sale
• In Armory District in 2008• 62 Willow Street• $395,000
Rhode Island’s Real Estate Company®
Most Expensive Sale
• In Broadway District in 2009• 104 Almy Street• $432,500
Rhode Island’s Real Estate Company®
Least Expensive Listing in Armory, Broadway, or Elmwood Districts
• Multi-family in Armory• 88 Ford Street• $21,000
• Single Family in Elmwood• 48 Glenham Street• $35,000
Rhode Island’s Real Estate Company®
Most Expensive Listing in Armory, Broadway, or Elmwood Districts
• Multi-family• 422 Broadway Street• $629,000
• Single Family• 36 Parkis Avenue• $289,000
Rhode Island’s Real Estate Company®
East Side Home Statistics
2008 2009
1st Quarter Avg. Price $456,917 $432,214
2nd Quarter Avg. Price $579,384 $493,330
Rhode Island’s Real Estate Company®
More East Side Numbers
2006 2009 % Change
Number of Sales for first half of year 94 53 -44%
Days on Market (DOM) for first half of year 67 84 +25%
Rhode Island’s Real Estate Company®
Most Expensive Sale
• On East Side in 2007• 10 Brown Street• $2.4 Million
Rhode Island’s Real Estate Company®
Most Expensive Sale
• On East Side in 2008• 66 Cooke Street• $2.775 Million
Rhode Island’s Real Estate Company®
Most Expensive Sale
• On East Side in 2009• 309 Benefit Street• $3.2 Million
Rhode Island’s Real Estate Company®
Least Expensive Listing
• On East Side in 2009• 29 Locust Street• $95,000
Rhode Island’s Real Estate Company®
Most Expensive Listing
• On East Side in 2009• 460 Rochambeau Avenue• $12.5 Million
Rhode Island’s Real Estate Company®
Then, There are Great Signs