Single-family home sales in South County declined more than 25 percent in October, compared with the same month last year, according to the latest report issued by the Rhode Island Association of Realtors.
None of the nine towns had an increase in closings on a year-over-year basis, a trend in keeping with a tally of the 40 markets statewide; only 13 cities and towns had higher sales or were unchanged from October 2017. In South County, 150 homes were closed with Realtor assistance last month, compared with 201 in the same month last year. Here are the figures from area towns:
Westerly: 29 single-family homes sold in October, one less than a year earlier. The median price was $392,000, up from $338,450 in October 2017, and the homes spent an average of 59 days on the market, compared with 80 days last year.
Charlestown: 17 home sold in October, compared with 23 a year ago. The median price was $408,000, down from $417,500, and the average days-on-the-market was 47, compared iwth 55 in October 2017
Richmond: 14 closings on single-family homes, one fewer than than the year before. The median price rose to $310,750 from $287,500, and the average time on the market was nearly unchanged, 55 days this October, 57 a year earlier.
Hopkinton: 3 homes sold in October, down from 5 in October 2017. The median price was $305,500, up from $260,00, and the average-days-on-the-market was 19, compared with 36 in Ocrober 2017. Although a very small sample, Hopkinton’s time on the market was the lowest in Rhode Island.
In contrast, on Block Island, the state’s priciest town, the 3 homes that sold in October spent an average of 258 days on the market — down from 359 in October 2017.
In a summary of its report, the Realtors association said that the median sales price in October, $271,750, was the 21st consecutive monthly gain, measured year-over-year. Sales activity, on the other hand, declined for the eighth consecutive month, to 970 closings, compared with 1,055 in October 2017.
With 3,802 homes on the market last month, Rhode Island’s housing market saw a 5.2 percent increase in inventory from the prior year, the association said. “The housing market is starting to become more balanced and price gains are beginning to ease as inventory increases,” said Dean deTonnancourt, of Warwick, president of the Rhode Island Association of Realtors.
In the condominium sector, the median price 1.2 percent from a year earlier to $197,500 and there were 215 sales in October, 6 fewer than the year before.