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Regional Spotlight: Rhode Island Home Sales Soar in October 2009 to Highest Level in Four Years

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Rhode_IslandRISMEDIA, December 3, 2009—Single-family home sales in Rhode Island rose 20.5% in October 2009, the fifth consecutive month that home sales have increased year-over-year, according to The Warren Group. Condominium sales also climbed 7%, but prices for both single-family homes and condos continued to slide in October and are off by double-digit percentages from last year.

“Rhode Island’s housing market is on the mend because sales volume has been growing for several months. But the residential real estate market is still facing challenges because prices are declining and foreclosures continue to remain a concern as unemployment has reached record levels,” said Timothy M. Warren Jr., CEO of The Warren Group, a Boston-based real estate tracking and publishing firm.

Warren noted that over 2,300 residential foreclosures have taken place in Rhode Island from January through October.

Single-family home sales surged 20.5% to 787 from 653 in October 2008, posting the highest number of sales for the month of October since 2005. Year-to-date home sales crept up 6.4% to 6,267 from 5,888.

The median price for single-family homes sold in October dipped 3.6% to $203,500 from $211,000 a year earlier. The year-to-date median home price fell 16% to $200,000 from $238,000.

“Even though single-family home prices are still dropping, October delivered the smallest percentage decline in prices year-over-year. In the first seven months of 2009, prices dropped by double-digit percentages compared to year-ago levels,” Warren said.

Condominium sales increased 7% to 122 in October from 114. It was the second month in a row that condo sales rose in Rhode Island. A total of 1,097 condos have been sold from January through October, down 15.6% from 1,300 last year.

The median price for condos sold in October tumbled 19.1% to $161,750 from $199,900. The year-to-date median condo price retreated 16.3% to $180,000 from $215,000.

For more information, visit www.thewarrengroup.com.

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