Rhode Island November Housing Sales Performance Mixed, The Warren Group Reports.

Single-family home sales level off after sharp drops in recent months while condo median sale price falls 21.7 percent

BOSTON -- Single-family home sales in Rhode Island seem to have stabilized this month, even showing a slight increase, after four straight months of double-digit declines over year-before periods. The condominium market, however, did not fare as well, as sale prices dropped by 20 percent from the year-before period, according to a report released today by The Warren Group, which tracks real estate data across New England.

Single-family home sales rose 0.5 percent in November, with 772 units sold compared to 768 a year ago.

The good news on the home sales front, however, was countered by a steep year-to-year drop in the median condo sale price. The condo sale price figure in November plummeted 21.7 percent to $205,500 from $262,500 in November 2005 - the biggest drop in 2006. Median condo sale prices have now fallen four straight months from the same periods in 2005. The $205,500 figure is the second-lowest monthly median sale price in 2006, next to September's $205,000, and November 2005's $262,500 figure was the highest median condo sale price posted in the past two years.

Condo sales fell 6.4 percent in November, with 2,349 units sold compared to 2,443 in November 2005. Sales have fluctuated wildly in 2006. Sales have fallen in six of the last 11 months and risen in five. In recent months, double-digit declines in July and September were followed by increases the next month.

The median sale price for single-family homes dropped 3.4 percent to $256,000 from $265,000 in November 2005. Median sale prices have now fallen in four of the last five months in 2006.

"Rhode Island's housing market is still in a state of flux," said Timothy Warren Jr., CEO of The Warren Group. "As we are seeing in Massachusetts and Connecticut, unit sales and median sale prices are still under pressure as buyers hold out for better deals in a changing marketplace. The next few months we'll be watching the market closely for signs of bottoming out with an eye toward some level of improvement by the late spring or early summer."

For the first 11 months of 2006, single-family home sales are down 8 percent, while the median sale price is down 0.4 percent, to $266,000. During the same period, condo sales are down 3.9 percent, and the median condo sale price is up 3.6 percent, to $228,000, over the first 11 months of 2006.

Single-family home sales were down in all five Rhode Island counties the first 11 months of the year, with Newport (17.8 percent) and Kent (13.5 percent) counties falling the farthest. Single-family home median sale prices rose 2.7 percent in Bristol County, to $300,000, and fell in the other four, with Kent County (5.6 percent) posting the steepest drop.

Condo sales rose in two counties for the 11-month period - Bristol by 35.9 percent, Providence by 3.5 percent - while Newport and Kent counties each saw sales drop by more than 20 percent. Newport County, however, did post the largest median sale price increase: 7.1 percent. Bristol County's median condo sale price fell, Washington County's stayed the same, and Kent and Providence counties reported small gains.

For the full chart detailing median prices and sales figures for each county in Rhode Island, please contact Mike O'Connell at PAN Communications at [phone] or at [e-mail].

About The Warren Group

The Warren Group is the publisher of The Commercial Record, Banker & Tradesman and numerous trade magazines. Founded in 1872, The Warren Group is recognized for award-winning news while also providing the most accurate data and online tools for real estate and financial professionals in New England. For more information about The Warren Group, please visit www.thewarrengroup.com or call [phone].