Single Family Home Sales for PPS

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Presentation on Single Family Home sales in Providence over the first two quarters of 2009 compared to 2008. Libby Isaacson, COO of Residential Properties, Ltd. gave the presentation.

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Single Family Home Sales for PPS

  1. 1. Rhode Island’s Real Estate Company® Providence Single Family Real Estate Market 2009 and The Recession
  2. 2. Rhode Island’s Real Estate Company® There are Good Signs
  3. 3. 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
  4. 4. 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)
  5. 5. 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
  6. 6. 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
  7. 7. Rhode Island’s Real Estate Company® Most Expensive Sale • In Broadway District in 2007 • 174 - 176 Broadway • $570,000
  8. 8. Rhode Island’s Real Estate Company® Most Expensive Sale • In Armory District in 2008 • 62 Willow Street • $395,000
  9. 9. Rhode Island’s Real Estate Company® Most Expensive Sale • In Broadway District in 2009 • 104 Almy Street • $432,500
  10. 10. 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
  11. 11. 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
  12. 12. 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
  13. 13. 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%
  14. 14. Rhode Island’s Real Estate Company® Most Expensive Sale • On East Side in 2007 • 10 Brown Street • $2.4 Million
  15. 15. Rhode Island’s Real Estate Company® Most Expensive Sale • On East Side in 2008 • 66 Cooke Street • $2.775 Million
  16. 16. Rhode Island’s Real Estate Company® Most Expensive Sale • On East Side in 2009 • 309 Benefit Street • $3.2 Million
  17. 17. Rhode Island’s Real Estate Company® Least Expensive Listing • On East Side in 2009 • 29 Locust Street • $95,000
  18. 18. Rhode Island’s Real Estate Company® Most Expensive Listing • On East Side in 2009 • 460 Rochambeau Avenue • $12.5 Million
  19. 19. Rhode Island’s Real Estate Company® Then, There are Great Signs

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