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Rhode Island Real Estate on the Mend

The latest numbers have hit the streets for the housing market in Rhode Island. The Rhode Island Association of Realtors has released sales figures for September 2009.  Compared to September 2008 with single family home sales leading the way, the report shows an increase of 27.9% while the days on market for those homes has come down significantly from a high of 109 earlier this year to 87. This is great news for both sellers and buyers alike, spurred predominantly by the governments $8000 first time home buyer tax credit.
Median single family home prices have come down slightly, widely based on the bank owned properties that made up more than 25% of sales for September. Non bank owned single families had a median price of $230,000 for the same period. It's my feeling that the single family sales market is going to continue to stabilize while multi-family and condominium sales are closely going to follow the single family trend. For more information and to see current sales statistics go to the Rhode Island Association of Realtors website.
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