REAL ESTATE

R.I. home, condo prices rise in October

BLOOMBERG FILE PHOTO/RYAN T CONATY
RHODE ISLAND SINGLE-FAMILY home prices rose 10 percent in October as the state's condominium prices rose 21 percent.
Posted 11/29/12

WARWICK – Rhode Island single-family home prices rose 10 percent in October compared with the same period in 2011, the first monthly price increase since May, 2011, the Rhode Island Association of Realtors said Thursday.

The median single-family sales price in October was $200,000, up from $182,250 last October.

Driving the price increase were rising sales, which jumped up 24 percent compared with October 2011, the 16th consecutive monthly increase. There were 679 single-family houses sold last month and 548 last October.

"Sales activity has been increasing for such a long time that prices were bound to go up eventually,” said newly installed Rhode Island Realtors Association President Victoria Dolan. “As the supply of excess housing inventory depletes, prices will adjust accordingly.”

The percentage of houses sold through short sale or foreclosure dropped to 21 percent in October compared with 25 percent in October 2011.

In other areas of the market, Rhode Island condominium sales rose 37 percent year over year in October, with 124 units sold compared with 91 last October.

The median condominium sale price rose 21 percent in October to $170,000, up from $141,000 last October.

Sales of multifamily homes rose 15 percent in October compared with the same time last year. There were 124 multifamily properties sold last month compared with 108 during the same time in 2011.

The median multifamily sale price jumped 20 percent to $120,400, up from $100,000 last October.

Calendar
PBN Hosted
Events

Join PBN and two panels of successful female executives, business owners and entrepreneurs as we delve into what women should do to advance their careers, and become leaders in the corporate world and their own enterprises.
  • Book of Lists Party
    Save the date - January 15, 2015 for PBN's Book of Lists Party at the Providence ...
  • Best Places to Work
    Enrollment is now open for the 7th annual Best Places to Work program. Winners w ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement