Providence Single Family Real Estate Market 2009 and The Recession

There are Good Signs

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

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

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)

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)

Armory, Broadway, and Elmwood Home Statistics Includes Multi-family (2-4) properties $82,431 $131,025 2nd Quarter Avg. Price $72,155 $123,600 1st Quarter Avg. Price 2009 2008

More Armory, Broadway, and Elmwood Numbers Includes Multi-family (2-4) properties +21% 87 72 Days on Market (DOM) for first half of year +52% 111 73 Number of Sales for first half of year % Change 2009 2006

Most Expensive Sale In Broadway District in 2007 174 - 176 Broadway $570,000

In Broadway District in 2007

174 - 176 Broadway

$570,000

Most Expensive Sale In Armory District in 2008 62 Willow Street $395,000

In Armory District in 2008

62 Willow Street

$395,000

Most Expensive Sale In Broadway District in 2009 104 Almy Street $432,500

In Broadway District in 2009

104 Almy Street

$432,500

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

Multi-family in Armory

88 Ford Street

$21,000

Single Family in Elmwood

48 Glenham Street

$35,000

Most Expensive Listing in Armory, Broadway, or Elmwood Districts Multi-family 422 Broadway Street $629,000 Single Family 36 Parkis Avenue $289,000

Multi-family

422 Broadway Street

$629,000

Single Family

36 Parkis Avenue

$289,000

East Side Home Statistics $493,330 $579,384 2nd Quarter Avg. Price $432,214 $456,917 1st Quarter Avg. Price 2009 2008

More East Side Numbers +25% 84 67 Days on Market (DOM) for first half of year -44% 53 94 Number of Sales for first half of year % Change 2009 2006

Most Expensive Sale On East Side in 2007 10 Brown Street $2.4 Million

On East Side in 2007

10 Brown Street

$2.4 Million

Most Expensive Sale On East Side in 2008 66 Cooke Street $2.775 Million

On East Side in 2008

66 Cooke Street

$2.775 Million

Most Expensive Sale On East Side in 2009 309 Benefit Street $3.2 Million

On East Side in 2009

309 Benefit Street

$3.2 Million

Least Expensive Listing On East Side in 2009 29 Locust Street $95,000

On East Side in 2009

29 Locust Street

$95,000

Most Expensive Listing On East Side in 2009 460 Rochambeau Avenue $12.5 Million

On East Side in 2009

460 Rochambeau Avenue

$12.5 Million

Then, There are Great Signs