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.
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. 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. 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. 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. Rhode Island’s Real Estate Company®
Most Expensive Sale
• In Broadway District in 2007
• 174 - 176 Broadway
• $570,000
8. Rhode Island’s Real Estate Company®
Most Expensive Sale
• In Armory District in 2008
• 62 Willow Street
• $395,000
9. Rhode Island’s Real Estate Company®
Most Expensive Sale
• In Broadway District in 2009
• 104 Almy Street
• $432,500
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. 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. 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. 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. Rhode Island’s Real Estate Company®
Most Expensive Sale
• On East Side in 2007
• 10 Brown Street
• $2.4 Million
15. Rhode Island’s Real Estate Company®
Most Expensive Sale
• On East Side in 2008
• 66 Cooke Street
• $2.775 Million
16. Rhode Island’s Real Estate Company®
Most Expensive Sale
• On East Side in 2009
• 309 Benefit Street
• $3.2 Million
17. Rhode Island’s Real Estate Company®
Least Expensive Listing
• On East Side in 2009
• 29 Locust Street
• $95,000
18. Rhode Island’s Real Estate Company®
Most Expensive Listing
• On East Side in 2009
• 460 Rochambeau Avenue
• $12.5 Million
Primarily speaking on Single Family Market
Will touch on Multi-Family in some areas
When people ask "How is the Market" - They really want to know "how much is my house worth?"
Values have fallen about 25%
People also like to know what specific house sell for, and I have some to show with pricing information
Market was paralyzed
No Spring Market
Majority of sales were "distressed" meaning REO or Short Sales.
But. . .
I'm breaking Providence into two segment
East side and this one (Armory, Broadway, and Elmwood)
More sales in 2009 were distressed
This was a multi-family
Single Family Home
MF sold for $194K in 2004,then $112K in 2007
SF sold for $55K in 2005
