Real Estate News

Warwick, RI, May 1, 2009… Existing single family home statistics released today by the Rhode Island Association of Realtors show sales increasing from first quarter 2008 to first quarter 2009 by .40 percent.  Overall, median price dropped from $245,000 last year to $180,000. Forty-five percent of the sales were distressed sales, sold through short sale or foreclosure. The price of non-distressed sales was $225,000.

“We’re continuing to see two markets with distressed sales selling for roughly 20 percent less than non-distressed sales,” said Paul Leys, President of the Rhode Island Association of Realtors.  “We’re encouraged that we continue to see increasing sales and decreasing inventory which tells us that we’re moving through the downturn,” he added.  Rhode Island has been ahead of the national curve in terms of sales volume.

Sales in Providence nearly doubled (up 93.8 percent) due to the substantial number of foreclosures and short sales in the city. Providence’s first quarter median price fell to $75,000 from $150,500 during the first quarter 2008.  Central Falls, Foster and North Kingstown saw a price increase.

“Real estate has always been local but never more so than today.  It’s critical that buyers understand the market they’re looking in when negotiating price,” said Leys.