WARWICK – Sales of single-family homes in Rhode Island dropped 15 percent in May compared with May 2007, at the same time that the median selling price fell 8 percent, according to statistics released today by the Rhode Island Association of Realtors.
The 652 homes sold in the Ocean State last month – 770 sold during May 2007 – had a median price of $252,500. During May 2007, the median price was $275,000.
But the RIAR noted that the local market “is showing signs of promise,” because pending sales for homes under contract but not yet sold are up 6 percent both month-over-month and year-over-year.
Last month, there were 1,246 single-family homes under contract. During April, 1,177 were under contract and 1,174 homes were under contract during May 2007.
“The latest statistics show that buyers are starting to be less hesitant about getting back into the market and sellers are realizing that, if they don’t have to sell, it’s best to wait until some of the competition decreases,” RIAR President Robert “Rob” Scaralia said in a statement. “Since Rhode Island was one of the first areas of the country to enter the boom, it seems likely to be one of the first areas to begin recovery.”
For May, the median price of multi-family homes sold was $155,100. That was a 3.4-percent increase from April’s $150,000, but still down drastically – 41.9 percent – from the $267,000 median price during the same month last year.
There were 117 multi-family homes sold in Rhode Island last month, down 10.7 percent from the 131 sold during May 2007. The number of days on market increased from 95 in May 2007 to 103 last month.
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The median price of condominiums sold in the Ocean State rose year-over-year – from $219,250 last May to $231,500 last month – but the volume decreased 29.3 percent to 140 condos sold, according to RIAR.
The average days on the market shrank by eight days to 108 days.
The Rhode Island Association of Realtors has nearly 4,000 member Realtors who last year were involved in more than 14,000 transactions totaling more than $4.24 billion. RIAR is one of the more than 1,800 local boards and associations comprising the nation’s largest trade association, the National Association of Realtors. For additional information, including town-by-town statistics, visit www.riliving.com.
