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By Kimberley Donoghue
PBN Web Editor
WARWICK – Rhode Island single-family home sales rose 6 percent in November, but the median price declined 8 percent compared with the same period a year ago, the Rhode Island Association of Realtors said Tuesday.
There were 533 homes sold in November, up from 505 in November 2010, according to the Realtors Association’s monthly housing report. Year-over-year pending sales jumped 14 percent in November.
The median sales price of a single-family home was $193,000 in November, down from $209,000 last November.
“We’re still in a recovery period and increased sales are helping to stabilize the market," said Rhode Island Association of Realtors President Jamie Moore. “We won't see an increase in prices until we see a balance of supply and demand so the more homes that sell, the better off the market will be.”
The number of properties sold through short sale or foreclosure, 117, was the same as last November. Excluding distressed properties, the median sales price for November was $222,500.
In other areas of the market, the median sales price of condominiums plunged 17 percent in November to $163,500 as sales of distressed condominiums jumped 23 percent from a year ago. Total condominium sales rose 1 percent for the month.
"The condo market is struggling a bit more now than the single family home market, but we did see some progress in November,” Moore said. “The November median price was 16 percent higher than it was in October.”
Multi-family home sales rose 11 percent in November and the median multi-family price dropped 4 percent year over year to $120,000.