real estate

R.I. home, condo sales and prices continue climb in November

SINGLE-FAMILY home sales in Rhode Island rose 43 percent in November as prices rose 1 percent in the state.
Posted 12/27/12

WARWICK – Rhode Island single-family home sales rose 43 percent in November compared with the same period last year, the Rhode Island Association of Realtors said Thursday.

There were 764 houses sold in November compared with 533 in November 2011, marking the 17th consecutive month of year-over-year sales volume increases.

The median price of those single-family houses sold during November was $195,000, a 1 percent rise from last November, when the median price was $193,000.

The inventory of single-family homes on the market fell 21 percent year over year to six months.

Sales through foreclosures or short sales made up 23 percent of total November sales, up from 22 percent last November.

“We’re optimistic about the 2013 housing market, but we are concerned about the fiscal cliff and the impact it may have on capital gains and the mortgage interest deduction,” said Rhode Island Association of Realtors President Victoria Doran in a news release.

In other areas of the market, Rhode Island year-over-year condominium sales climbed 32 percent, with the median condominium sales price rising 25 percent.

There were 123 condominiums sold in the state during November, compared with 93 last November. The median November condominium price of $205,000 was 25.4 percent higher than the $163,500 median price in November 2011.

Multi-family building sales dropped 17 percent in November compared with the same period last year. There were 102 multi-family properties sold in November, down from 123 in November 2011.

The median multi-family sale price of $119,950 dropped by $50, or 0.04 percent, from $120,000 last November.

Of the multi-families sold in November, 43 percent were distressed sales, down from 59 percent last November.

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