WARWICK – The median price of homes sold in April fell 10.7 percent year-over-year, to $242,000 from $271,000 in April 2007, the Rhode Island Association of Realtors reported today. The price drop was accompanied by a 21.8-percent decline in the number of homes sold, which fell to 513 last month from 656 a year earlier.
At the same time, more than one quarter of those homes sold in the state in April – based on contracts signed but not yet closed – were bank-owned short sales or foreclosures, the RIAR noted. Such foreclosures and short sales in “urban areas are reflected in statewide statistics but don’t necessarily reflect what’s happening in other areas,” RIAR President Robert Scaralia said in a statement today.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
“This really is the tale of two markets – the market comprised of of distressed properties, which are typically located in urban locales and the market that is comprised of all other properties for sales,” Scaralia said.
Although the number of homes sold did show a big drop last month, the number of Rhode Island homes that entered contracts during April with projected closing dates was nearly unchanged from a year ago, the RIAR said. Last month, 1,177 homes had projected closings. That’s an increase of less than 1 percent from the 1,171 contracts signed in the same month last year.
The number of houses on the market statewide jumped 4.7 percent year-over-year to 6,607 last month from 6,309 in April 2007, the group said.
The Rhode Island Association of Realtors has nearly 4,000 member Realtors who last year were involved in more than 14,000 transactions totaling $4.34 billion. RIAR is one of more than 1,800 local boards and associations comprising the nation’s largest trade association, the National Association of Realtors. For more information, including town-by-town statistics, visit www.riliving.com.
