Final 2018 data for Realtor-assisted sales of single-family homes in South County sales show a decline of 8.3 percent from 2017, according to the Rhode Island Association of Realtors. Statewide the decline in sales was 5.6 percent.
Eight of the nine towns in the county had fewer sales. The exception was Block Island, where 28 homes changed hands, one more than the previous year. For South County as a whole, single-family home sales totaled 1,698 in 2018, compared with 1,852 in 2017. For all of Rhode Island, the Realtors assisted in 10,670 sales last year, compared with 11,305 in 2017.
The statewide median price was $270,000 in 2018, compared with $255,000 the year before. Based on reports on closings to the association's subsidiary, the State-Wide Multiple Listing Service, the Realtors said that the overall median price at year-end was the highest since the pre-recession year of 2007. In South County, median prices in all towns were up in 2018, ranging from 3.9 percent in Westerly to 16.7 percent in North Kingstown. 
In the Realtors' report last week, the association's president, Dean deTonnancourt, said: “For two years prior to 2018 we saw a record-breaking number of sales, so I’m not surprised that we’ve started to see activity scaling back. It’s a normal sequence to restoring balance. The robust markets of 2016 and 2017 left us with very little inventory. Now we’re seeing the beginning of a correction which will give buyers more options,“

In the report on 40 local markets in Rhode Island (the 39 municipalities plus a breakout for the east side of Providence), Newport registered the biggest price hike, 24.8 percent, to $563,000 from $451,000, based on 225 transactions. Here are the year-over-year figures for local towns:

Westerly: 278 homes sold, compared with 309 in 2017. The median price was $328,250, compared with $316,000 a year earlier. The houses spent an average of 62 days on the market, compared with 74 in 2017. There were 10 sales of "distressed properties" in 2018, compared with 23 the year before. Distressed property sales are those that involve bankruptcy or so-called underwater sales in which the price is less than the existing mortgage.

Charlestown: 171 homes sold, compared with 178 in 2017. The median price rose to $386,000 from $364,500, and the average days on the market was 62, compared with 77 in 2017. There were 8 distressed property sales, 4 fewer than the year before.

Richmond: 117 homes sold, compared with 136 in 2017. The median price rose to $305,000 from $288,250, and the average time on the market was 62 days, compared with 65 in 2017. Distressed sales dropped to 6, down 4 from 2017.

Hopkinton: 94 home sales, compared with 114 in 2017. The median price rose to $282,250 from $249,950, and the average days on the market was 62, compared with 77 a year earlier. There were 8 distressed property sales, down significantly from 23 in 2017.

The real estate association also provided a town-by-town breakdown of condominium sales, something it doesn't do on a monthly basis. In South County, condo closings numbered 384, compared with 352 the year before, a gain of 9 percent. Statewide, the gain in sales was 6 percent, to 2,297 in 2018, compared with 2,167 in 2017. The statewide median price was $216,000, up $1,000 from the previous year. Here are the sales figures for local towns:

Westerly: 83 sales, up 6 from 2017, with a median price of $189,000, compared with $225,000 a year earlier. The average time on the market was 81 days, compared with 103 in 2017, and there were no distressed sales, compared with 6 a year earlier.

Charlestown: 25 sales, 1 more than in 2017, and a median price of $150,000, compared with $159,900 the year before. The properties averaged 64 days on the market, compared with 122 in 2017, and thee was 1 distressed sale, down from 2 the previous year.

Richmond: 19 sales, down from 24 in 2017, with a median price of $249,500, up from $225,300 a year earlier. The average days on the market was 121, compared with 149 the year before, and there were no distressed sale; the previous year there was 1.

Hopkinton: 13 sales, 1 more than in 2017. The median price was $250,000, compared with $212,000 in 2017, and the days-on-market averged 55, compared with 88 a year earlier. There were no distressed sales in either year.

 
 

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