RISMEDIA, January 8, 2010—Single-family home sales in Rhode Island surged 66.5% in November 2009, posting the biggest monthly sales jump year-over-year in two decades, according to The Warren Group. Condominium sales also soared 37.7%, the third consecutive month that condo sales rose statewide.
Prices for both single-family homes and condominiums dipped in November, but delivered the smallest drops in months.
“The gain in sales volume in Rhode Island during the month of November mirrors what’s been happening in other parts of New England. Both Massachusetts and Connecticut have experienced an increase in sales in recent months, but Rhode Island has had bigger gains and year-to-date sales are well ahead of 2008,” said Timothy M. Warren Jr., CEO of The Warren Group, a Boston-based real estate tracking and publishing firm. “Lower prices, the homebuyer tax credit and improved consumer confidence have aided the residential real estate market.”
Single-family home sales rose to 754 from 453 in November 2008. This was the best November for single-family home sales in Rhode Island since 2005. Year-to-date home sales climbed 10.8% to 7,027 from 6,341.
The median price for single-family home sales slipped 1.2% to $202,500 from $205,000 in November 2008. The 1.2% drop in November was the smallest decline in median home prices year-over-year in 29 months. The median price for homes sold in the first 11 months of 2009 is down 14.9% to $200,000 from $235,000 the prior year.
Condominium sales shot up to 146 in November from 106. A total of 1,242 condo sales transactions were recorded from January through November 2009, 11.7% fewer than 1,406 sales during the same months in 2008.
The median price for condos fell 3.4% to $182,000 from $188,350 in November 2008. The year-to-date median condo price is down 14.9% to $180,000 from $211,421.
For more information, visit www.thewarrengroup.com.
