A 17.7-percent decline in sales of single-family homes in March helped drive down transactions in Rhode Island for the entire first quarter compared with the first quarter of 2006, while prices also declined, according to a report today from The Warren Group.
The research company, which tracks real estate data across New England, noted that sales had risen in the first two months of the year before plunging in March.
It is unclear whether the first quarter is a good indication of what’s to come for the year, said Timothy Warren Jr., CEO of The Warren Group.
“March’s decline in the number of sales may seem dramatic, but January and February’s strong numbers should be taken into account,” Warren said. “Given the two preceding months, which saw increases in sales, March’s decline could just be a blip. But we’ll have to wait and see what happens in coming months to determine that. The median sale price stayed relatively flat in the first quarter, which is a good sign for Rhode Island going ahead.”
Sales of single-family homes fell to 1,873 in the first quarter, a decline of 3 percent compared with the first quarter of 2006, while March sales fell to 706 houses from 858 in the same month of 2006.
The first-quarter median sale price fell to $255,000, 2.7-percent less than in the year-ago quarter. The March median price for single-family homes sold in Rhode Island declined a more-modest 0.8 percent from its March 2006 level, to $260,000.
Rhode Island’s residential condominium market also saw fewer sales and lower prices in the first quarter. Sales fell 4.3 percent to 516 units, while the median sale price fell 6.2 percent to $220,500.
March condo sales, on the other hand, increased 3 percent to 206 units, while the median sale price fell 6.7 percent compared with March 2006 to $213,000.
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 www.thewarrengroup.com.
