real estate

R.I. home sales on ‘path to recovery’

COURTESY RHODE ISLAND ASSOCIATION OF REALTORS
JUNE SAW CONTINUED improvement in single-family home sales across Rhode Island, according to the Rhode Island Association of Realtors. For a larger version of this chart, click HERE.
Posted 7/24/12

WARWICK – Rhode Island single-family home sales rose 17 percent in June compared with the same period last year, the 12th consecutive month of increased volume, the Rhode Island Association of Realtors said Tuesday.

The median sale price in June was $202,500, down 6 percent from the $215,000 median price in June 2011, but up 4 percent from May and 19 percent from the February nadir of $170,000.

There were 815 single-family homes sold in June compared with 699 sold last June.

With the increased sales volume, the inventory of houses on the market has dropped over the past year to 5,740 from 6,658 in June 2011.

There were 187 sales in June through foreclosure or short sale, but the percentage of all sales that were distressed declined to 23 percent from 25 percent last June.

“With the market coming back into balance thanks to increased sales, prices have climbed each month since February,” said Rhode Island Realtors Association President Jamie Moore. “Overall, we seem to be on a slow but steady path to recovery.”

In other areas of market, multi-family home sales rose 12 percent in June compared with the same period last year and the median multi-family price climbed 4 percent.

There were 99 multi-family homes sold in June, compared with 81 in June 2011. The median multi-family sales price in June was $124,500, up from $120,000 last June.

The percentage of multi-family sales that were distressed dropped to 41 percent in June from 46 percent last June.

Condominium sales in June were slow, dropping 5 percent year over year, and the median price sank 11 percent.

There were 122 condominiums sold in June, down from 129 last June. The median sales price was $177,600, down from $200,000 last June.

For the full report from the Realtor’s association, click HERE.

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