FOR IMMEDIATE RELEASE

Editorial Contact:

Aglaia Pikounis                                                                        

The Warren Group

(617) 896-5370                                                             

apikounis@thewarrengroup.com

Third Quarter Home, Condo Sales Jump in Rhode Island

Year-to-date Median Prices Are Off By Double-Digit Percentages from Last Year

BOSTON, Nov. 3, 2009 – Sales of single-family homes and condominiums in Rhode Island rose in the third quarter compared to the same period in 2008, according to a new report by The Warren Group. Median prices for both single-family homes and condos, however, dropped. 

Single-family home sales shot up 19.7 percent to 2,334 from July through September, from 1,950 during the same months last year. September home sales helped drive the third quarter increase, jumping 37.3 percent to 777 from 566 in September 2008. September was the fourth consecutive month that single-family home sales have increased year-over-year. Year-to-date single-family home sales are up 4.8 percent to 5,487 from 5,235.

“Reduced prices and the first-time homebuyer tax credit have helped push up home sales in Rhode Island and other parts of New England. Single-family home sales in Massachusetts and Connecticut also improved in the third quarter but the gain in Rhode Island was more significant,” said Timothy M. Warren Jr., CEO of The Warren, a real estate tracking firm.

The median price for single-family homes sold in Rhode Island during the third quarter dropped 8.7 percent to $210,000 from $230,000 the prior year. September’s median home price slipped 6.8 percent to $205,000 from $220,000 in September 2008. September’s price decline was the smallest price drop year-over-year so far in 2009. Meanwhile, the median price for homes sold during the first nine months has plunged 16.7 percent to $199,900 from $240,000.

Condo sales statewide inched up 2.9 percent to 430 in the third quarter from 418 during the same period last year. In September, condo sales surge 22.6 percent to 141 from 115 in September 2008.  A total of 978 condo sales were recorded in the first nine months of 2009, down 17.5 percent from 1,186 a year earlier.

The third quarter median condo price tumbled 9.8 percent to $184,900 from $205,000. The median selling price in September was $190,000, 3.6 percent lower than the $197,000 median price in September 2008. The year-to-date median condo price has plummeted 16.3 percent to $180,000 from $215,000.

About The Warren Group

The Warren Group, based in Boston, is the publisher of Banker & Tradesman, The Commercial Record and a series of association publications. As the premier provider of real estate data in New England, The Warren Group offers a range of real estate products and services for professionals and consumers searching for real estate and financial information. For more information about The Warren Group, please visit www.thewarrengroup.com or call 617-428-5100.

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