BOSTON – Condominium sale prices were a bright spot in Rhode Island’s housing market last year, despite sales that declined 6.2 percent from 2005, said a report today from The Warren Group.
The number of condos sold in 2006 was 2,537, down from 2,705 the year before. But their median sale price rose 3.5 percent, to $227,500, from 2005’s $220,000.
Meanwhile, Rhode Island single-family home sales declined 8.6 percent, to 9,529, from 10,424 sales in 2005.
Single-family prices were fairly steady overall, declining only 0.4 percent for the year, to a median of $266,000, the report said. But, after peaking in July at $278,000, the median sale price of single-family homes in the Ocean State declined in August, and every month that followed, to $255,750 in December.
“Rhode Island appears to be easing into the market correction that has gripped so much of New England,” said Timothy Warren Jr., CEO of The Warren Group. “However … I don’t think the downturn will be as dramatic, or will last as long, as Massachusetts’ slowdown.”
The Warren Group, the publisher of Banker & Tradesman, tracks real estate data across New England. For more information, visit www.thewarrengroup.com.
