WARWICK – In the first three months of the 2009, the median price of a single-family home in Rhode Island fell to $180,000, 26.53 percent below the $245,000 median price during the same 2008 period, according to first-quarter data released today by the Rhode Island Association of Realtors.
While the price fell last quarter, the number of single-family homes that sold remained almost even, rising by five homes to 1,247.
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But 45 percent of those sales – 561 sales – were either foreclosures or short sales. RIAR reported that excluding those sales, the median price for “non-distressed” homes was higher, at $225,000.
“We’re continuing to see two markets, with distressed sales selling for roughly 20 percent less than non-distressed sales,” RIAR President Paul A. Leys said in a statement this morning. “We’re encouraged that we continue to see increasing sales and decreasing inventory, which tells us that we’re moving forward through the downturn.”
In Providence, sales jumped 93.75 percent, from 80 to 155 homes. But the median price dropped from $150,500 to $75,000.
The Rhode Island Association of Realtors has more than 4,700 member Realtors, who in 2008 were involved in more than 10,000 transactions totaling $2.8 billion. The RIAR is one of more than 1,800 local boards and associations comprising the nation’s largest trade association, the National Association of Realtors. To learn more, visit www.riliving.com.
RIAR collects monthly, quarterly and yearly sales statistics from State-Wide Multiple-Listings Service records. This week, MLS Board of Directors 2009 President Alyce Kleczek told Providence Business News about the process.
