Final numbers for the second quarter from Newport County, RI.
| Single Family | ||||||
| # Sales | Average List | Average Sale | Median List | Median Sale | Days On Market | |
| 2008 | 259 | $ 585,575 | $ 544,958 | $ 395,000 | $ 366,500 | 131 |
| 2009 | 221 | $ 456,464 | $ 412,612 | $ 319,000 | $ 294,000 | 146 |
| # or $ Change | -38 | $(129,111) | $ (132,346) | $ (76,000) | $ (72,500) | 15 |
| % Change | -15% | -22% | -24% | -19% | -20% | 11% |
First the bad news. Median sale price is down 20% from last year. Average sales price is down 24% from last year. Overall the average sales price is down over 30% from peak in 2004. Some analysts are calling for a total reduction in value of US housing by 40% before recovery. So, if you look at it on the bright side, we are nearly through this awful period.
I do think our market will recover a bit faster due to the significant job creation at the US Naval Base and General Dynamics. Defense spending isn't going to slow down in our world today, so I think we are at, or very very close, to bottom.
The pending index is approaching 5 sales per day in Newport County. This is the highest the pending index has been in over 3 years!
Keep Hope Alive!
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