By Patrick Anderson
PBN Staff Writer
WARWICK – Rhode Island single-family home sales rose 9 percent in December compared with the same period the previous year, ending 2012 sales up 20 percent from 2011, the Rhode Island Association of Realtors said Friday.
As volume rose, the median single-family home price edged up 3 percent year over year, from $179,900 in December 2011 to $185,000. The median price for all of 2012 was $190,000, a 3 percent drop from the 2011 median of $195,000.
There were 689 houses sold in December, up from 630 in December 2011. For 2012 as a whole, there were 8,014 houses sold, up from 6,706 in 2011.
“The number of homes sold increased consistently throughout 2012 but we didn’t see price gains until the fourth quarter,” said Rhode Island Association of Realtors President Victoria Doran in a statement. “Median price has been up from the prior year for three consecutive months now. That’s a strong indication that we’re heading out of the woods.”
As a result of the increased sales volume, the inventory of houses on the market dropped 18 percent year over year in December 2012 to a six month supply, which is considered a balanced level.
Another positive sign for the market, the share of single-family purchases through foreclosures and short sale dropped from 35 percent in January 2012 to 27 percent in December.
In other areas of the market, Multi-family sales dropped 4 percent in December compared with December 2011. There were 128 multi-family buildings sold in December, down from 133 in December 2011.
The median multi-family price in December rose 9 percent to $120,250, up from $109,900 in December 2011.
For the year, multi-family sales rose 3 percent in 2012 compared with 2011.
The median multi-family sale price remained virtually flat in 2012, ending at $120,000, $100 more than 2011.
Condominium sales rose 14 percent in December compared with December 2011. There were 121 units sold in December, up from 106 in December 2011.
The median condominium sale price climbed 23 percent in December to $200,000 from $162,750 in December 2011.
In 2012, condominium sales increased 11 percent while the median sale price dropped 1 percent to $175,000.