MARKET Q1/08 REPORT Residential Rhode Island s Quarterly
STATEWIDE The Rhode Island housing market in the first quarter of 2008 showed declines in both the median price of single family homes as well as the number of sales compared to the first quarter of. The Statewide median price fell from $272,000 a year ago to $245,000. (The decline in the median price is about 10% and could also reflect a price realignment at both ends of the scale.) The steepest declines were in the City of Providence, excluding the East Side, as well as in Barrington, North Kingstown, West Greenwich, Pawtucket and Johnston. The number of singlefamily sales fell 23% in the first quarter of the year compared to the first quarter last year. However, prices rose in Little Compton, East Greenwich, and North Kingstown, by doubledigit percentages. What does it all mean? Spring traffic has seen an up-tick in many areas. While some in the real estate business have suggested we are at the beginning of the turnaround, some economic forecasters disagree. Prices for more expensive houses have fallen less sharply than lower priced properties. Demand for higher-end homes has shown more stability. However, sales volume statewide in the million-dollarplus range was down 22% from the same period last year. It s a constantly changing market. The days-on-market figure, usually a relatively accurate guide to the housing market, is skewed by agents taking properties off the Multiple Listing Service and re-listing them again under new MLS numbers. With foreclosures, short sales, and declining or readjusting values, low interest rates and high inventory, some would say this is a great time to buy! Best wishes, Sally E. Lapides
& Sales Price STATEWIDE $350,000 $250,000 $200,000 $150,000 $100,000 $50,000 0 $349,559 $272,000 1st Q $360,178 2nd Q $280,000 $369,674 $279,900 3rd Q $341,391 4th Q $259,000 $325,485 1st Q 2008 $245,000 & Sales Price Condominiums $250,000 $200,000 $150,000 $100,000 $50,000 0 $247,643 $214,900 1st Q $253,186 $227,500 2nd Q $274,432 $238,000 3rd Q $270,777 $229,900 4th Q $265,599 $224,900 1st Q 2008
Asking vs. Selling Price 100% STATEWIDE 95% 90% 85% 95.4 % 95.2 % 95.5 % 94.5 % 94.1 % and Condominiums 125 days 75 days 50 days 93 days 125 days 87 days 108 days 84 days 116 days 104 days 103 days 117 days
BARRINGTON & Sales Price $700,000 $650,000 $600,000 $550,000 $500,000 $450,000 $350,000 $410,154 $415,000 $624,897 $475,000 $629,488 $430,000 $578,338 $413,500 $626,865 $356,750 130 days 97 days 98 days 93 days 85 days 117 days
CUMBERLAND & Sales Price $375,000 $350,000 $325,000 $275,000 $250,000 $225,000 $200,000 $350,204 $295,000 $342,341 $314,435 $310,617 $285,000 $341,885 $321,000 $334,207 $298,000 60 days 106 days 94 days 74 days 88 days 89 days
& Sales Price EAST GREENWICH $600,000 $575,000 $550,000 $525,000 $500,000 $475,000 $450,000 $425,000 $584,480 $430,000 $594,165 $525,000 $568,285 $522,500 $546,413 $462,500 $501,011 $474,000 140 days 130 days 128 days 83 days 114 days 105 days
& Sales Price $700,000 $650,000 $600,000 $550,000 $500,000 $450,000 $350,000 $466,559 $408,000 $543,963 $385,500 NARRAGANSETT $440,570 $385,500 $502,993 $445,000 $666,278 $550,000 160 days 150 days 140 days 130 days 60 days 142 days 143 days 111 days 152 days
NEWPORT & Sales Price $900,000 $800,000 $700,000 $600,000 $500,000 $863,559 $460,000 $560,625 $460,000 $705,657 $462,500 $837,768 $425,000 $730,683 $386,500 and Condominiums 1 160 days 150 days 140 days 130 days 113 days 127 days 95 days 151 days Single Famil y 128 days 78 days 102 days 129 days Condo 162 days
PROVIDENCE & Sales Price $700,000 $650,000 $600,000 $550,000 $500,000 $450,000 $611,044 $422500 $615,764 $492,500 $558,392 $461,500 $591,863 $475,000 $456,917 $465,000 and Condominiums 140 days 130 days 60 days 50 days 77 days 108 days 67 days 103 days 57 days Single Famil y 109 days 64 days 92 days 99 days Condo 135 days