FOR IMMEDIATE RELEASE
Editorial Contacts:
Katie Curnutte
The Warren Group
617 896-5370
kcurnutte@thewarrengroup.com
First Quarter Home Prices in R.I. Down Almost 10 Percent;
Condo Sales Fall Particularly Hard in Early 2008,
The Warren Group Reports
Single-Family Homes Experience Biggest March Price Decrease in 20 Years
BOSTON, May 6, 2008 – Sales of both single-family homes and condominiums in Rhode Island fell by double-digit percentages in March for the eighth month in a row. Quarterly sales were also down significantly, according to The Warren Group, which tracks real estate data across New England.
“It’s been a tough quarter for Rhode Island’s housing market,” said Timothy Warren Jr., CEO of The Warren Group. “But that’s not unique. We’re seeing similar numbers in both Massachusetts and Connecticut.”
Single-family home sales in the OceanState fell 17.8 percent in March, from 646 last year to 531. Single-family sales during the first quarter of this year declined 20.5 percent, from 1,677 to 1,334.
Condominium sales followed suit, with sales declining 50.8 percent during March, from 199 to 98. Condo sales during the first quarter were down 37 percent from 500 to 315. Sales of both condominiums and single-family homes have fallen by double-digit percentages during every month since August 2007.
The median price of single-family homes in the state dropped 10.3 percent during March, from $267,500 to $240,000. That is the largest price drop during any March since 1989, the year The Warren Group began tracking prices in Rhode Island. During the first quarter, the median price fell 9.4 percent from $265,000 to $240,000.
The median price of condos held steady at $215,000 in both March 2007 and March 2008, but fell 2.8 percent during the first quarter, from $221,250 last year to $215,000 this year.
“We don’t know when we’ll see the bottom of this slump,” Warren said. “We do know that, in Rhode Island, this decline in the housing market is showing more dramatic numbers than the early-90s slump. Although sales also declined significantly then, double-digit drops in price weren’t the norm. They are now, and we’re not sure when that will end. The rest of 2008 looks rocky, with the number of foreclosures rising and the economy in uncertain waters, but it’s possible 2009 might bring more of a turnaround.”
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.