Rhode Island Association of Realtors

Mark Moz / flickr

The Rhode Island Association of Realtors is voicing concerns over part of the state budget. The group opposes expanding the definition of a hotel. The new definition would subject rental homes and small bed and breakfasts with at least one room for rent subject to the same taxes as hotels.

State officials expect to raise $5.4 million dollars in the next fiscal year with the proposed change.

The Rhode Island Association of Realtors says home sales dropped again in August. 

The average price for a single family home was $218,ooo, down 3 percent from last year.  Condominium sales also slowed, but multi-family homes were a bright spot.  Prices have climbed 25 percent from last August.  Realtors Association President Robert Martin says foreclosures, and short sales have dropped significantly from a year ago.  He says that's likely to drive home prices higher in the long term.

Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for a weekly business segment The Bottom Line.

This week Dave and Mark talk with Bruce Lane, president-elect of the Rhode Island Association of Realtors. They discuss rising home prices in the state, the impact this bad winter has had on home sales and how the housing market affects the local economy.



When to Listen

You can hear The Bottom Line each Friday at 5:50pm.

The Rhode Island Association of Realtors says home sales were down eleven percent in the state during during November as compared to 2012.

The Realtors' Association says the decline in sales was the most significant lull in the past thirty months.

They say sales were likely down thanks in part to the federal government shutdown in October, and rising interest rates.

However, the median home price in Rhode Island was up three percent at $201,000.

Home Sales Surging Back In Rhode Island

Nov 27, 2013
Courtesy RI Housing

October was another good month for home sales in Rhode Island.

The sale of single family homes in Rhode Island rose 19 percent between October 2012 and October 2013. During the same time frame the median price rose from $200,000 to $204,000.  Sales of condos rose 11 percent over the year and the median price is up 17 percent.

Rhode Island Association of Realtors president Robert Martin said growth in the housing market is slow and steady with no negatives.

The partial government shutdown is proving to be a problem for some American home buyers.  Most lenders require income verification through the IRS.  The verification requirement is problematic because most IRS functions have been suspended.  

Victoria Doran, president of the Rhode Island Association of Realtors, says it hasn’t caused a logjam yet but will if the government shutdown continues much longer.

July Was a Good Month for Rhode Island Realtors

Aug 22, 2013

Rhode Island real estate agents had a good July.  Both median prices and sales are up significantly from where they were a year ago.

Sales of existing single family homes rose 22 percent from July of 2012 until this July, according to the Rhode Island Association of Realtors. During the same time frame, the median price rose four percent --  from $207,000 to $216,000.  July was the 10th straight month of increase in the median price.

The Rhode Island Association of Realtors says the state has reached a critical milestone.

After years of excess supply, Rhode Island now has a six-month inventory of homes on the market, which is considered a balanced alignment between supply and demand.  Rhode  Island Association of Realtors president Victoria Doran said homeowners can expect to see prices rise as the supply dwindles.

The president of the Rhode Island Association of Realtors says sales are stronger this spring than they’ve been in four years. It’s still a buyer’s market – but that could be about to change.

Good Signs for Ocean State Housing Market

Mar 29, 2013

Rhode Island’s real estate market is roaring back to life. Home prices rose by double digits in February.

If you’ve been holding back putting your home on the market because of depressed prices, it might be time to re-think that decision. The Rhode Island Association of Realtors says home prices rose 12 percent between February 2011 and February 2012.  The median price increased from $170,000 to nearly $190,000. It was the fifth consecutive month of price gains.

Housing rebounds in RI

Jan 23, 2013

The fourth quarter report on housing sales in Rhode Island during 2012 is filled with good news.  The report issued by the Rhode Island Association of Realtors says that median prices for single-family homes, multi-family home and condominiums all increased. In addition foreclosures and short sales dropped for all three categories.   

In the single-family home market the Association reports sales activity went up by 25 percent and the median price increased five-percent to 195-thousand-dollars.  The market between buyers and sellers was evenly matched.