Real Estate News

Warwick, RI, Feb 3, 2009…Condominium sales statistics released today by the Rhode Island Association of Realtors, show a decrease in the number of condo sales, dropping 33 percent in 2008 compared to 2007.  Eighteen hundred and six (1806) condo sales were transacted in Rhode Island in 2007 compared to 1210 last year.  Median sales price declined slightly from $221,000 to 212,700, or 3.8 percent.

“The condo market held its own for much of the changing market until recently,” commented Paul Leys, President of the Rhode Island Association of Realtors.  “Now we’re seeing fewer sales and lower prices as foreclosures and short sales become more prevalent in this market segment.”  One hundred and fifty-four (154) of the sales – 12.7 percent - were distressed sales selling through short sale or foreclosure. The median price of non-distressed condo sales was $223,500.

The condo market remains however, the category of real estate least affected by distressed sales.  Slowing sales may be the result of developers choosing to rent, rather than sell units, while waiting for the market correction to complete.  This could also account for the lower percentage of distressed sales for condos as compared to single and multi-family sales.

For full story and accompanying statistics, go to:  http://riliving.com/pressreleases/archives/2009/February/2009-02-02.asp