The real estate clock literally turned back ten years as January home sales in East Providence were
nearly identical to that of January 2002. Unit sales increased by 58% and prices dropped 24% from January of last year. There were 19 sales of single family homes this past January as opposed to only 12 a year ago. The big news, however is that the average price bombed in at an even $150,000 as compared to $196,700 last January. In January of 2002 there 19 sales with the median price being $152,000.
The State fared better in terms of median sales price suffering a drop of 11.4% from $197,500 to $175,000. The gain in unit sales were up a moderate 10.3 over last year state-wide, up to 438 from 397. (Click on graph to enlarge)
It's interesting to note that despite the fact that there were more units turned out this January as opposed to last, the median price continued to plunge. This may indicate that any increased demand will not have the usual effect on pricing which speaks to the overwhelming number of available units still for sale.
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