Home Sales Up, Prices Up in East Providence - Outpace State

It's great to be able to report some good news on the local housing front as both the number of sales and median sales price rose this October, year over year. Sales were up 13% and prices were up 16%. These figures outpace the state overall as Rhode Island saw a 6% rise in unit sales and experienced a 17% drop in median sale price.

This coincides with the activity level locally over the last two months as the number of appointments to view homes have escalated and we are now beginning to see the results in the sales figures. As long as activity continues to be strong we should see a corresponding elevation in sales figures into 2012, barring any external influences such as a hike in interest rates or less than stellar job numbers.

Another factor I've personally experienced in the field is buyer restlessness. Many potential buyers have indicated that they have been wanting to purchase for at least a few years but were afraid of continued declining values. These buyers are finally stepping up to the plate which is contributing the the good numbers we saw in October.

If the current activity level is any indicator, we should be reporting more good news regarding November!

 

(Click on chart to enlarge)