The Rhode Island Association of Realtors released November sales this week, despite September and Octobers gains, single family homes were down 16.05 % from November, 2007. The bright spot is in the muti-family sector, which saw sales increase by nearly 50%, this is a sign that investors and first-time buyers are definitley returning to the market. Here is a summary of the findings:
- The median price of a single family home dropped 23.58% to $202,500
- 168 of the 455 sales were sold as short sales or through foreclosure.
- The median price of the 287 remaining was $242,000.
- The median sales price dropped from $217,250 to $198,000 and the number of units sold fell 54.7 %
- 52 of the 67 sales involved short sales or foreclosures.
- Multi-family properties saw a fall in median price from $215,000 to $105,000
- The number of multi-family properties sold increased 45.9 % to 143 properties compared to the November 2007 level of 98.
- 111 of the 143 sales were distressed sales.
This Week's Real Estate Insight: Hopefully, this is a small blip in in the trend of increased sales that we were seeing in September and October. Preliminary sales data for December show single family home sales up year over year.
