Sales Rise Steadily in Rhode Island; Prices Continue Declining in February, According to The Warren Group

BOSTON--(BUSINESS WIRE)--Single-family home sales continued on their upward track in February, although the increase was not as dramatic as in January. Sales rose 4.2 percent compared with February 2006, and rose 8.5 percent year-to-date. Prices went the other way, however, and continued to decline, according to The Warren Group, which tracks real estate data across New England.

The median sale price of single-family homes fell 4.1 percent in February, from $260,000 in February 2006 to $249,250 in February 2007. The median price declined slightly more year-to-date, from $262,000 in the first two months of 2006 to $250,000 this year, a 4.6 percent decrease.

There were 551 single-family home sales in February 2006 and 574 in February 2007. Year-to-date, there were 1,074 sales in 2006 and 1,165 this year.

“Sales in Rhode Island have increased for two months in a row, after a rocky 2006,” said Timothy Warren Jr., CEO of The Warren Group. “Prices continue to fall, but after nearly a year of lagging sales, it will take some time for prices to creep up again. As sales continue to grow, buyers will start to notice fewer homes on the market, and will be more likely to snap up their dream home once they see it and will be willing to pay closer to the asking price.”

Condominiums in Rhode Island did not fare as well in February. Sales fell 18.8 percent, from 165 in February 2006 to 134 this year. Year-to-date sales fell 8.9 percent, from 339 in 2006 to 309 this year. Condo prices fell by 14.9 percent, from $258,000 in February 2006 to $219,500 in February 2007. Year-to-date prices dropped 5.2 percent, from $240,000 last year to $227,500 this year.

About The Warren Group

The Warren Group, based in Boston, is the publisher of Banker & Tradesman, The Commercial Record and a series of association publications. As the premier provider of real estate data in New England, The Warren Group offers a range of real estate products and services for professionals and consumers searching for real estate and financial information. For more information about The Warren Group, please visit www.thewarrengroup.com or call 617-428-5100.