The results are in for single family home sales for 2011. If there is any sort of silver lining here, it's that there are strong indicators that the market has definitely bottomed out. In 2011, East Providence generated 275 home sales, the lowest number on record and a 7% drop from last year. It also represents a 38% drop from the peak of 441 units recorded in 2006.
The bigger story, however, has to do with prices. The median price for 2011 was $169,900 which represents a 10.5% drop from last years $190,000. Prices in East Providence have dropped 40% form the peak when in 2005 they rang in at $260,000. The median prices of homes in East Providence has returned to the values posted 9 years ago in 2002 when it was $160,000.
This has generated a 60% drop in market volume for the sale of single family homes since 2005. Market volume this low was last recorded 15 years ago. (Click on chart to enlarge)
There is a bright side to all this however. Those of you who have held off buying a home up till now really ought to consider it. I can't recall in my lifetime interest rates being this low, and in combination with today's reasonable prices. Its an easy decision to make.
I've also posted below market activity as provided by the Realtors Property Resource site for those interested in the latest real estate trends here in EP. They are divided up by zip code. If you have any questions or simply need some free advice on how to navigate the current real estate market, please contact me.
Download MarketActivityRpt_East-Providence-RI-02914_2012-01-09-02914
Download MarketActivityRpt_Riverside-RI-02915_2012-01-09-02915
Download MarketActivityRpt_Rumford-RI-02916_2012-01-09-02916
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