Projo Biz Blog

New numbers from a Boston-based consultant confirm what the Rhode Island Association of Realtors has reported about the January housing market in the Ocean State: single-family house sales did poorly and condos did worse.

The Warren Group of Boston tracks a broader range of sales in developing its statistics than the Realtors association, which tallies sales made through its State-Wide Multiple Listing Service and may overlook sales by owners and by brokers other than Realtors. The Warren Group reviews deeds filed at city and town halls to compile its numbers.

The consultant found that the median sales price for single-family houses fell 23 percent in January compared to January a year ago, with the price dropping from $240,000 to $184,000. The number of single-family houses sold in January dropped 9 percent over last year, from 407 to 371.

Meanwhile, condominium prices dropped 13 percent, from $205,700 to $180,000, while the number sold plunged 44 percent, from 126 to 70.

After a weak December, "January didn't deliver better news for Rhode Island's housing market," said Timothy M. Warren Jr., chief executive of the Warren Group. "The state's housing market is being battered by rising unemployment and anemic consumer confidence."

 Tags  Condominiums housing prices Realtors single-family houses Warren Group

---