FOR IMMEDIATE RELEASE
Editorial Contacts:
Michelle Heaney
The Warren Group
617 896-5362
Brendyn Schneider
The Warren Group
617 896-5397
R.I. Single-Family Home Sales
Fall for 15th Month in a Row in April;
Condo Sales Continue to Drop Dramatically,
The Warren Group Reports
Condominium Sales Have Dropped Significantly Since 2007
BOSTON, June 3, 2008 – Sales of single-family homes in Rhode Island fell for the 15th consecutive month in April. Condominium sales have also seen a significant drop, according to The Warren Group, which tracks real estate data across New England.
“Rhode Island sank deeper into its housing slump this winter,” said Timothy Warren Jr., CEO of The Warren Group. “But the warm weather is here, and spring is a critical time for the housing market.”
Single-family home sales fell by double-digit numbers for twelve out of the past 16 months. The percentage of single-family home sales in the state of Rhode Island continued to fall, with an 18.4 percent decrease of sales since last April, from 659 in 2007 to 538 this year. Year-to-date sales fell 20.2 percent from 2,336 to 1,864.
The median price of single-family homes in the state dropped 11.3 percent during April, from last year’s price of $270,000 to $239,500. The year-to-date price fell 10.3 percent from $267,500 to $240,000.
Although condominium sales continue to fall – dropping by 37.6 percent from April 2007 to April 2008 – their median price remained steady. Sales fell from 210 last year to 131 this year, and the median price rose 1.6 percent from $223,500 to $227,000.
Year-to-date sales of condos fell 37.3 percent from 710 last year to 445 this year. The year-to-date median price declined 0.8 percent from $221,750 to $220,000.
“With prices falling as steadily as they have been in the OceanState, the hope is that first-time homebuyers might see 2008 as a good year to take the leap and buy a home,” Warren said. “We’re not seeing evidence of that yet, and we still don’t know when we’ll see the bottom of this slump. But opportunities for a good deal certainly abound in this market.”
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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