BOSTON – Rhode Island single-family home sales declined 6.2 percent year-over-year in May, and nearly 20 percent of those sold were bank-owned property.
In the same year-ago month, just 6 percent of single-family sales were of bank-owned properties, according to The Warren Group, a Boston-based real estate tracker that today released Rhode Island data for May. In May, bank-owned sales accounted for 19.7 percent of single-family homes sales in Rhode Island.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
There were 635 single-family home sales in May, down from 677 in May 2008.
“The sale of distressed home sales has become a larger share of the residential real estate market in Rhode Island, especially when compared to other New England states,” CEO Timothy M. Warren Jr. said in a statement this morning. “In Massachusetts and Connecticut, the sale of bank-owned properties has also grown, but not to the extent it has in Rhode Island. Bank-owned sales made up almost 8 percent of single-family home sales in Massachusetts, while in Connecticut just about 6 percent of home sales were of lender-owned residences.”
The May median price of single-family home sales dropped 24.6 percent, falling to $190,100 from $252,000 last May. In the first four months of the year, the median price fell 24.5 percent, dropping to $185,000.
Condominium sales fell year over year in May by 24.5 percent, dropping to 115 from 153 sales. Through the first four months of the year, sales fell 31 percent, dropping from 594 to 410.
The median price of Rhode Island condos fell year over year to $175,000 from $235,000, representing a 27.7 percent drop. Through May, the median price was down 22.2 percent, falling to $175,000.
The Warren Group Inc. is a provider of New England real estate data and the publisher of Banker & Tradesman and other journals. Additional information is available at TheWarrenGroup.com.
