real estate

R.I. 2011 home sales down 2%

BLOOMBERG NEWS FILE PHOTO JAY LAPRETE
RHODE Island single-family home sales finished 2011 down 2 percent from 2010 despite a 10-percent year-over-year rebound during the fourth quarter, the Rhode Island Association of Realtors said Tuesday.
Posted 1/24/12

WARWICK – Rhode Island single-family home sales finished 2011 down 2 percent from 2010 despite a 10-percent year-over-year rebound during the fourth quarter, the Rhode Island Association of Realtors said Tuesday.

There were 6,701 single-family homes sold in 2011 compared to 6,843 in 2010. The fourth quarter of 2011 saw 1,715 single-family sales, up from 1,556 in 2010.

Median home prices continued to lose ground during 2011, dropping 7 percent for the year, to $195,000, and 12 percent year over year during the fourth quarter to $185,000.

The Realtors Association pointed to a 28 percent year-over-year jump in the number of distressed sales to explain the fourth quarter price decline. For the year, the number of single-family properties sold through short sale or foreclosure was flat.

“Sales increased in the second half of the year without the aid of any homebuyer tax incentives. That's what we want to see,” said Rhode Island Association of Realtors President Jamie Moore. “Sustained growth in sales is the only way we're going to get back on solid footing, and that's what we started to see again in the last half of last year."

In other areas of the market, condominium sales decreased 2 percent in 2011, but rose 17 percent compared with a year earlier in the fourth quarter. There was a 76 percent increase in distressed condominium sales during the fourth quarter.

The median condominium sales price also plunged 5 percent for the year and 17 percent during the fourth quarter to end at $155,000.

Multi-family sales declined 18 percent during 2011 while rising 6 percent in the fourth quarter. The median multi-family sales price declined 1 percent for the year and 20 percent during the fourth quarter to end at $108,500.

Calendar
PBN Hosted
Events

Join PBN and two panels of successful female executives, business owners and entrepreneurs as we delve into what women should do to advance their careers, and become leaders in the corporate world and their own enterprises.
  • Book of Lists Party
    Save the date - January 15, 2015 for PBN's Book of Lists Party at the Providence ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement