The Rhode Island housing slump continued in October, with the median sale price for condominiums falling 12.2 percent from a year earlier, to $225,000, in the third straight month of year-over-year declines, The Warren Group said. Prices rose only in Newport County, by 36.2 percent; Washington County had the sharpest drop, at 13.5 percent.
Condo sales statewide rose for the fifth time in 10 months – to 198, or 8.8 percent more than in October 2005 – helping erase the double-digit plunges of April, May and July. Sales rose in four of five counties, led by Providence, at 32.3 percent, but in Kent fell a staggering 46.3 percent.
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…
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The median price for single-family homes fell 4.2 percent, to $262,500, after year-over-year decreases of 4.6 percent in August and 3.6 percent in September.
Single-family sales were down for the fourth month in a row, and sixth this year, falling 10.3 percent to 774 transactions. The biggest drop was in Newport County, with 32.9 percent fewer sales than in October 2005.
“Our best guess is that we won’t see conditions turn around in a tangible way much before the middle of 2007,” said Warren Group CEO Timothy Warren Jr.
For the first 10 months of 2006, single-family home sales were down 8.9 percent versus the same period last year, while the median sale price was up just 0.2 percent, to $267,500.
For the same period, condo sales statewide were down 3.6 percent, while the median condo sale price, at $230,000, was up 5.5 percent versus the first 10 months of 2005.
