R.I. home sales jump 24% in April

RHODE ISLAND home sales jumped 24 percent in April compared with the same period last year, the 10th straight month of increased year-over-year sales. For a larger version of this chart, click HERE.
Posted 5/22/12

WARWICK – Rhode Island home sales jumped 24 percent in April compared with the same period last year, the 10th consecutive month of increased year-over-year sales, the Rhode Island Association of Realtors said Tuesday.

There were 612 single-family homes sold in the state in April, up from 492 last April.

Despite the positive sales momentum, the median single-family sale price declined 8 percent compared with 2011, from $190,000 to $175,000, as a large portion of the month’s transactions were distressed sales. The median sale price declined in 25 of 39 communities.

The number of single-family properties sold through foreclosure or short sale in April rose 35 percent from April 2011 and accounted for 34 percent of all single-family homes sold.

Excluding distressed sales, the median single-family sales price declined $250, or 0.1 percent, from last April.

“We’re definitely seeing the distressed sales getting pushed through the pipeline to closing as banks are getting more efficient at processing them,” said Rhode Island Association of Realtors President Jamie Moore. “Plus, more buyers seem to be jumping into the market to take advantage of the fantastic prices and low interest rates. As supply gets pushed down, prices will go up.”

The average number of days on the market for single family properties in April was 101, up from 96 in April 2011.

In other areas of the market, multi-family home sales rose 6 percent year over year in April with the median price increasing 3 percent to $127,499.

Although distressed multi-family sales rose only 2 percent from last April, they still represented 49 percent of all multi-family properties sold in the state.

Condominium sales rose 19 percent in April compared with the same period last year, but the median sale price dropped 6 percent year over year to $140,000.

The number of homes on the market in all categories declined in April compared with April 2011. The single-family inventory fell 9 percent while multi-family inventory fell 16 percent and condominium inventory fell 14 percent.

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