Rhode Island Association of Realtors Releases 3rd Quarter Report

Though single family home sales have been slowly rising month to month since July , total single-family home sales were down 29.55% during the third quarter compared with the same quarter last year according to the Rhode Island Association of Realtors.   1,653 homes sold during the third quarter, compared with 2,343 homes last year, while the median sales price rose 4.5% to $219,500. Distressed sales comprised 23 % of sales down from 30% last year. Median price however, has continued to show healthy gains, because the rate of lower priced foreclosures and short sales declined. Sales fell in areas like Warwick and Providence that had some of the state's highest rates of foreclosures last year.  Sales were down 51% in Providence, 34.7 %, Warwick, and 62.5% in Central Falls. Notable increases were seen in West Greenwich with 150 % more sales and Jamestown with a 64.3% increase in sales. Condominium sales fell 17.1% from 2009 and the median price increased 19.4 percent to $215,000. Multifamily home sales decreased by 39 percent compared to last year. The median sales price, gained 29% to reach $127,500. Click here to see how the numbers broke down statewide