BOSTON, Jan. 13, 2015 -Sales of single-family homes in Rhode Island were virtually unchanged in November compared with the same month in the prior year, according to the latest report by The Warren Group, publisher of Banker & Tradesman and The Commercial Record.
A total of 618 single-family homes sold compared with 622 in November 2013, a decrease of 4 homes or 0.6%. Year-to-date, sales decreased by 0.4 percent, falling to 6,990 transactions compared with 7,015 during the same period a year ago.
In November, median prices of single-family homes declined by 2.4 percent to $204,500 compared with $209,450 during the same month in 2013. Year-to-date, median prices were up, climbing 1.2 percent to $217,500 compared with $215,000 during the same timeframe last year.
“The Rhode Island real estate market is stuck in neutral for 2014, steady, but without big swings in sales volume or median prices,” said Timothy M. Warren Jr. of The Warren Group. ” The 2014 market is in contrast to 2013 when median prices jumped by more than 10% and in contract to 2012 when sales volume increased by 20%.”
Condominium sales took a sharper decline in November, with a total of 91 condominiums sold, down 14.2 percent from 106 a year earlier. Year-to-date, condo sales statewide also declined by 9.4 percent with 1,162 condos sold compared with 1,282 during the same period last year.
The median selling price of condominiums decreased in November by 11.2 percent to $190,000 compared with $205,000 during the same month last year. Year-to-date, the median price of condos decreased by 7.3 percent to $190,000 compared with $205,000 during the same timeframe last year.