Sales down slightly, but prices are up

By Lynn Arditi, Journal Staff Writer

The number of single-family homes sold in Rhode Island in the fourth quarter of last year dipped slightly, but the median price and pace of those sales were up from the same period a year earlier, data released yesterday show. The Rhode Island Association of Realtors reported that 2,304 single-family homes were sold in the fourth quarter, down 2 percent from the same period in 2000. "That is a function of inventory," said Sharon Steele, president of the association. The number of single-family homes on the market is probably at the lowest it has been in 10 years, Steele said. The limited housing stock is partly due to low interest rates that have helped fuel consumer demand, she said. In areas such as the East Side of Providence, Steele said, a shortage of buildable land is also a factor. The median price of single-family homes in the fourth quarter jumped to $163,000, up almost 15 percent from the same period a year earlier. That followed an 11-percent rise in the median sales price from the fourth quarter of 1999. Sales of condominiums in the fourth quarter rose to 350, up from 315 in the same period a year earlier. The median price of condos climbed to $129,900, compared with $112,500 in the fourth quarter of 2000. Homes also are selling more quickly. Single-family homes in the fourth quarter spent, on average, 49 days on the market, down from 59 days during the same period in 2000. The average number of days on the market for single-family homes in 1999 was 87. For condos, the average number of days on the market was 44, compared with 45 a year earlier. "If you're a seller, things couldn't be a whole lot better," Steele said, adding that contractors and anyone else in the housing industry are also doing well. "It's harder today to get an appointment with a plumber or electrician than it is to get an appointment with a doctor or a dentist." Overall last year, the Rhode Island Association of Realtors said combined sales of single-family homes, condos and multi-family dwellings edged up slightly, topping the record previously set in 1999. The total number of dwellings sold last year was 12,653, up from 12,551 in 2000, the group reported, which amounts to an increase of eight-tenths of a percentage point. Last year, 203 more multi-family homes, 104 more condos and 73 more single-family homes were sold than in 2000.

Published 01/24/2002

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