Real Estate Review & Forecast

A Message From The Past Presidents Of The RI Association Of Realtors

RISBJ asked some of the past presidents of the Rhode Island Association of Realtors to compare Rhode Island’s 2016 housing market to the state of the market during the year that they led the 5000-member trade association. They also chimed in on their outlook for the year ahead. Here’s what they had to say:

David Godden, Randall, REALTORS

2004 President, R.I. Association of Realtors

“Little did I know when I was president of the Realtor association in 2004, that the market was about to change so drastically. I was in office when prices were spiking and we were seeing bidding wars on properties which sold nearly as soon as they were listed.”

“We’re much better off with today’s housing market. Though we’re seeing improvements in price and sales, they’re not so crazy that they’re not sustainable, and we’ve addressed the lending issues that led to the housing boom and subsequent downturn. I see all good things for the year ahead.”

Cecile Cohen, Randall, REALTORS

2007 President, R.I. Association of Realtors

“I was the lucky president in 2007 when the real estate market was really struggling. Obviously Rhode Island and the country in general have made remarkable strides since then and the real estate market is once again, vibrant and strong. While the momentum may abate a bit in 2017, I’m looking forward to a strong market in the year ahead.”

Rob Scaralia, RE/MAX 1st Choice

2008 President, R.I. Association of Realtors

“Market confidence was one of the biggest influencers in the favorable 2016 real estate market. Comparatively, 2008 was plagued with economic uncertainty which completely stalled the market. As consumer confidence grows, I expect 2017 to show a continued trend toward a healthy and favorable real estate market for both buyers and sellers alike.”

Paul Leys, Gustave White Sotheby’s International Real Estate

2009 President, R.I. Association of Realtors

“As President of the Rhode Island Association of Realtors back in 2009, I think it is very safe and an understatement to say that the market is MUCH, MUCH better today! That being said, conditions then provided an excellent opportunity for buyers to take advantage of record low prices and low interest rates if they could.

Looking forward, I see no reason why the market shouldn’t continue with the positive momentum we have seen of late. The recent slight rise in rates by the Fed should get a lot of fence sitters off of that proverbial fence to keep us all busy over the traditionally slower winter months.”

Karl Martone, The Martone Group, RE/MAX Properties

2010 President, R.I. Association of Realtors

“Though sales were beginning to recover in 2010, obviously 2016 was a much stronger year for real estate sales. Last year set out to be a robust year for real estate sales and it didn’t disappointment. The election typically slows the market a bit which seemed to happen in late October to November, but surprisingly December turned out to be a strong month.”

“As for 2017, expect another solid and heathy market! Both buyers and sellers will fair well!”

Jamie D. Moore, Jamie Moore Appraisal Services

2012 President, R.I. Association of Realtors

2017 Region 1 Vice President, National Association of Realtors

The market has certainly shown signs of increase in both the number of units sold as well as the median sales price statewide. Information from our Association’s Multiple Listing Service notes that there were 10,984 single dwelling units sold in 2016 as compared to 8,037 in 2012, an increase in excess of 25 percent. Furthermore, the median sales price of a single unit in Rhode Island for the year 2016 was $240,000 as compared to a median price of $190,000 in 2012, an increase of more than 20 percent.”

“While I am optimistic that the market has rebounded, I am concerned over potential legislation at the federal level that will affect homeownership – most notably, in the areas of mortgage interest deduction and national flood insurance. As the Voice for Real Estate, Realtors are going to be very busy this coming year protecting the rights of homeowners!”

Victoria Doran, GRI, ABR, Coldwell Banker Residential Brokerage

2013 President, R.I. Association of Realtors

“When I served as president of the Rhode Island Association of Realtors in 2013, the market was showing signs of improvement. It was a buyers’ market and there were still many short sales hindering the market. By contrast, for the first time in many years, we have seen a swing to a sellers’ market. “

“I think 2017 will prove to be an active market. Sales were very good last year, even into December, with buyers still looking and new listings coming on every day. Homes priced right sold quickly. These are all good signs for 2017.”

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