real estate

First half of 2012 brought more home sales, lower prices

COURTESY RHODE ISLAND ASSOCIATION OF REALTORS
THE FIRST SIX MONTHS OF 2012 saw home sales increase in Rhode Island, as at the same time, home prices fell and distressed sales remained constant. For a larger version of this chart, click HERE.
Posted 8/27/12

WARWICK – The real estate market in the first half of this year showed a rise in sales and a decrease in median price from the same six-month period in 2011, according to statistics released by the Rhode Island Association of Realtors on Monday.

Sales of single-family homes climbed 19 percent from January through June, and both multifamily and condominium sales experienced upticks of 5 percent and 8 percent, respectively.

Distressed sales of all three types of propreties held steady, making up 32.1 percent of sales as opposed to 31.9 percent in 2011.

The multifamily sector saw the largest percentage of distressed sales, with more than 50 percent of all sales sold through short sale or foreclosure.

The median price for single-family homes fell from $200,000 in 2011 to $184,500 in 2012, a decrease of more than 7 percent. These properties also spent 101 days on market, a slight increase from 2011’s 100 days on market.

The largest drop in median prices came from the condo sector, from $173,000 to $158,500.

“The number of active listings has been decreasing each month for several months,” Jamie Moore, president of the RIAR, said in prepared remarks. “This is positive news for homeowners as a balanced supply and demand is the key to a healthy real estate market.”

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