Great news for housing market in RI!

Housing Prices and Sales Increase in First Quarter

Warwick, RI, April 22, 2010 … According to statistics released today by the Rhode Island Association of Realtors, the state’s housing market showed strong signs of rebounding in the first quarter.  Sales of single family homes were up 8.5 percent from first quarter of 2009 and median price rose 7.2 percent, from $180,000 last year to $193,000 this year.  The number of distressed sales decreased to 36 percent of all sales, down from 48 percent the year prior. The price of single family properties not selling through short sale or foreclosure was $225,000.
“We’re pleased with what we’ve been seeing. Consumer confidence is growing and the tax credit has helped as well, especially in March when sales increased almost 20 percent. It’s still critically important for sellers to be realistic in pricing in order to keep this sales momentum going and achieve a balanced market,” commented Karl Martone, President of the Rhode Island Association of Realtors. 
At the end of March, Rhode Island had a ten-month supply of homes for sale.  Historically, a six-month supply has indicated an equal balance between supply and demand.  Sales statistics show a higher inventory of single family homes for sale in the first quarter compared to a year ago, most likely from sellers eager to attract buyers taking advantage of the tax credit.
Full story here