RI Single Family Sales Statistics: Year End 2008

This report was release to members of the RI Association of Realtors on February 6, 2009.
Source: RI Association of Realtors

Single family home sales dropped 12.5 percent in 2008, from 7600 in 2007 to 6648 in 2008 according to year-end sales statistics released by the Rhode Island Association of REALTORS.

Year-over-year sales began to increase in September however, and have risen each month since, with the exception of November. Sales were up 1.4 percent in the fourth quarter, from 1549 from October to December 2007 to 1570 during the same time period in 2008. In December, single family home sales increased 7.4 percent from 455 in December 2007 to 491 last month.

The increased sales have been sparked in part by the falling prices which accompany distressed sales. Distressed sales - short sales or foreclosures - accounted for 26.3 percent of total sales in 2008. Year end sales statistics show the median price of a single family existing home in 2008 was $234,900 compared to $275,000 in 2007, a decrease of 14.6 percent. The median price of those that weren't sold as distressed sales last year was $265,000.

In the fourth quarter the median price fell 20.8 percent ($259,000 in 2007 to $205,000 in 2008.) The fourth quarter non-distressed median sale price was $250,000. More than one-third (35.6 percent) were distressed sales.December closed the year with 43.4 percent of the single family sales, (213 of the 491,) sold as short sales or foreclosures. The December median price declined 24 percent from $250,000 in December 2007 to $190,000 last month. Non-distressed sales fared better, matching the December 2007 median price of $250,000.