Condominiums also see sharp sales decline; Median home and condo sale prices continue to rise.
PROVIDENCE, R.I., Sept. 19, 2006 – Rhode Island statewide sales of single-family homes fell by 17.7 percent in July while median prices increased by 3.2 percent, according to a report released today by The Warren Group, which tracks real estate data across New England.
According to statistics issued by The Warren Group, 843 single-family homes sold in July 2006, down from 1,024 in July 2005. Meanwhile, the median sale price of single-family homes increased to $278,000 in July from $269,500 in July 2005.
Condominium sales in July dropped 16.9 percent, with 217 units sold, and the median sale price rose 4.6 percent to $230,000 compared with the same month last year.
Four out of Rhode Island’s five counties saw single-family homes sales volume fall the first seven months of 2006. Only Providence County, which saw a modest 1.8 percent increase in sales, gained ground. Newport County experienced the biggest year-to-date decline in single-family home sales through July (16.9 percent), followed by Washington County (15.9 percent), Kent County (15.3 percent) and Bristol County (8.2 percent).
Meanwhile, median home sale prices continued to rise during the first seven months of 2006. Newport County (7.6 percent) had the strongest increase, followed by Kent County (3.9 percent), Providence County (2 percent) and Bristol County (1 percent). Only Washington County, where the median price dropped by 2.9 percent, posted a decline.
Condominium sales fell during the first seven months of the year in much of the state. Newport County experienced the biggest percentage drop – 22.3 percent – followed by Kent County (11.5 percent), Providence County (3.8 percent) and Washington County (2.1 percent). Bristol County posted the only increase – 100 percent – as the number of condo sales doubled to 72.
Condo median sale prices rose in each of the state’s five counties through July this year compared with the same seven-month period last year. Bristol’s 26 percent hike -- to $401,500 -- led the pack, while Washington County (up 0.8 percent to $262,000) posted the smallest increase.
Timothy M. Warren Jr., CEO of The Warren Group, characterized Rhode Island’s latest numbers as the continuation of a “modest correction” in the housing market.
“As we’ve seen with Massachusetts and Connecticut, the regional market is continuing to soften,” said Warren. “The market is going through a correction right now where sellers are resisting price adjustments and buyers are seeking to wait them out, leading to slower sales.”
For the full chart detailing median prices and sales figures for each county in Rhode Island, please contact Mike O’Connell at PAN Communications at (978) 474-1900 or at thewarrengroup@pancomm.com.
Editorial Contacts:
Katie Curnutte
The Warren Group
280 Summer St.
Boston, MA 02210
(617) 428-5100
kcurnutte@thewarrengroup.com