FOR IMMEDIATE RELEASE
Editorial Contacts:
Katie Curnutte
The Warren Group
617 896-5370
kcurnutte@thewarrengroup.com
2007 Home Sales Fall More Than 10% in R.I.;
Median Price Down Almost 5%,
According to The Warren Group
Dramatic Sales Slump That Started in Sept. Continues in Dec.
BOSTON, Jan. 31, 2008 – Rhode Island home sales in 2007 fell for 10 consecutive months from March to December and ended at their lowest level since before 2005, when The Warren Group began tracking real estate data in the state. Home prices also fell considerably in 2007, according to The Warren Group, which tracks real estate data across New England.
Sales of single-family homes in the Rhode Island fell 11.2 percent in 2007 from 9,724 in 2006 to 8,636. In December, sales dropped 23.6 percent from 747 in December 2006 to 571.
The median price of single-family homes fell 4.7 percent in 2007 from $266,500 in 2006 to $254,000. The median price in December declined 11.9 percent from $255,500 to $225,000.
In neighboring Massachusetts, home sales and prices also fell in 2007. Single-family home sales there dropped 8.4 percent when compared to 2006, and the median price declined 4.6 percent from $325,000 in 2006 to $310,000.
“Rhode Island’s home sales have fallen more than those in Massachusetts, but the good news is that the OceanState’s median price doesn’t seem to be falling at such a dramatic rate,” said Timothy Warren Jr., CEO of The Warren Group. “But we have to watch the market in the first quarter of this year. December was the second-worst month in 2007, after September, for single-family home sales in Rhode Island, so there could be more bad news in the coming months.”
Condominium sales in Rhode Island fell 6.8 percent in 2007 from 2,524 in 2006 to 2,352. In December, condo sales were down 17 percent from 188 in December 2006 to 156 in December 2007.
The median price of condominiums has fared better than that of single-family homes, falling 0.9 percent in 2007 from $227,000 to $225,000. In December, the median price of condos rose 11.3 percent from $220,000 to $244,750.
Data on individual cities and towns, and statewide statistics dating back to 2005, available by request to members of the media.
Median Price, Single-Family Homes and Condos
2006-2007
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.