Sales, median price of Warwick homes climb in August

Posted 9/30/14

While the median price of single homes across the state fell by 3 percent for August from a year ago, the Warwick price, and the number of home sales, increased for the same period.

The median for …

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Sales, median price of Warwick homes climb in August

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While the median price of single homes across the state fell by 3 percent for August from a year ago, the Warwick price, and the number of home sales, increased for the same period.

The median for a single-family home was $170,000 as compared to $166,500 for August 2013. This is below the state median of $218,000 and $225,000, respectively.

Warwick, with its large stock of single-family homes, continues to lead in sales. Statewide, 849 homes were sold, of which 112 were in Warwick. The sales for August are up 10 from last year.

The Rhode Island Association of Realtors compiles the statistics. They pointed to a slight increase in pending sales, those under contract and expected to close in the coming months, as indication sales will remain stable. 

“We’re closer to a normal market than we have been in years. There’s a good balance between supply and demand,” Robert Martin, president of the association, said in a statement. “We’ll see some ebbs and flows from month to month but foreclosures and short sales continue to be pushed out of the market, which helps to drive prices upward over the long-term.”

The number of distressed sales in the single-family home market fell by 29 percent in August from 12 months earlier. The report found 16 distressed sales in Warwick, compared to 18 last August. Statewide, there were 105 distressed sales, down from 152 last year.

Warwick single-family houses generally sold faster than the statewide average of 78 days. The Warwick average was 64 days for houses selling in August, compared to 55 days in August 2013.

According to the report, the statewide condominium sector followed the same trend as single-families, with median price down 3 percent from a year earlier, to $192,200, and sales activity down by 24 percent. The number of distressed sales fell by 42 percent during the same time.

Though sales among multi-family properties declined by 9 percent, median sales price climbed to $169,000, a 25 percent increase from August 2013. Once heavily marred by short sales and foreclosure sales, the number of distressed sales fell by 24 percent in the multi-family market.

“There’s something for everyone in this market,” said Martin. “Buyers can take advantage of interest rates that have remained near historic lows and many of those who have waited for gains in equity to be able to sell, are now in the position to do so.”

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