Boston, Oct. 9, 2014 – Rhode Island single-family home and condo sales decreased by double digits in August, according to the latest report by The Warren Group, publisher of Banker & Tradesman and The Commercial Record.
A total of 748 single-family homes sold in August, down 10.1 percent from 832 a year earlier. This marked the fifth time sales have decreased year-over-year in 2014. August also marked the first time sales have decreased in the month of August since 2010. Year-to-date home sales statewide were down almost 3.0 percent. From January to August, a total of 4,907 single-family homes were sold, compared with 5,049 during the same period a year ago.
“It is discouraging to see sales decline by double-digits in August after July posted a modest increase,” said Timothy M. Warren Jr., CEO of The Warren Group. “The Rhode Island market is slowed down in August, with both condos and single-family homes posting low sales numbers and the median selling price of both falling.”
The median selling price of single-family homes dropped by 5.3 percent in August to $220,000, compared with $232,250 in August 2013. This marked the fourth time median prices have decreased year-over-year in 2014. Year-to-date, the median price of single-family homes increased by 1.4 percent to $218,000 compared with $215,000 during the same timeframe last year.
Condominium sales dropped by 32.4 percent in August, with 117 condos sold compared with 173 in August 2013. This was the largest decrease in condo sales since December 2010 when sales decreased by 49.3 percent. Year-to-date, condo sales were down almost 10.0 percent, with a total of 848 condos sold compared with 942 during the same time last year.
The median selling price of condos fell by almost 12.0 percent in August, dropping to $170,000 compared with $193,040 at the same time last year. Year-to-date, condo prices decreased by 5.0 percent to $190,000, compared with $200,000 during the same timeframe in 2013.