Real Estate News

Warwick, RI, February 5, 2009…The number of multi-family property sales doubled from 101 in December 2007 to 202 in December 2008 according to sales statistics released today by the Rhode Island Association of Realtors (RIAR).  The percentage of multi-family sales has been increasing throughout the year, up 33.2 percent in 2008 overall, (1254 in 2007 to 1670 last year) and up 92.9 percent in the fourth quarter from 281 to 542.

The spike in home sales was fueled by drastic price reductions caused by foreclosures and short sales.  Seventy-seven (77) percent of December and fourth quarter multi-family property sales were sold under duress.  Sixty-eight (68) percent of all 2008 sales were distressed.

“2008 was for buyers what 2005 was for sellers,” said Paul Leys, President of the Rhode Island Association of Realtors.  “People are snatching up multi-family properties at bargain basement prices which is helping to reduce inventory.”  RIAR reported 1322 multi-family properties for sale in Rhode Island during the last week in December 2008 compared to 1717 in December, 2007.

For full story and accompanying statistics, go to:  http://riliving.com/pressreleases/archives/2009/February/2009-02-05.asp