FOR IMMEDIATE RELEASE

 

Editorial Contact:

Aglaia Pikounis                                                                        

The Warren Group

(617) 896-5370                                                             

apikounis@thewarrengroup.com

 

 

R.I. Home Sales Soar in October to Highest Level in Four Years

Condo Sales Also Jump for the Month, But Prices Slide

 

BOSTON, Dec. 2, 2009 – Single-family home sales in Rhode Island rose 20.5 percent in October, the fifth consecutive month that home sales have increased year-over-year, according to The Warren Group. Condominium sales also climbed 7 percent, 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 percent to 787 percent 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 percent to 6,267 from 5,888.

 

The median price for single-family homes sold in October dipped 3.6 percent to $203,500 from $211,000 a year earlier. The year-to-date median home price fell 16 percent 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 percent 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 percent from 1,300 last year.

 

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

 

Complete statistics for cities and towns available to members of the media by request.

 

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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