Home sales rebounded in a big way this April in East Providence as unit sales were up 47% over last April jumping from 17 to 25. The average sales price continued to slip as it was down 9.5% from the previous April, going from $176,900 to $160,000. The good news in all this is that market in East Providence may have finally reached a point of equilibrium.
This is indicated by the fact the market volume was 33% over last year,
jumping from $3 million to $4 million.
This is further supported by the “pending sale” numbers as there are 58 properties currently in agreement in the city which is an unusually high number. The median “list price” of these properties is $159,000, which indicate a that depreciation is still a factor but if demand continues along this trend, we should begin to see that turn around, albeit slightly, within the next three to four months.
There are 208 single family properties currently on the market that is a bit the high side, but less that at the same time last year.
The statewide figures are somewhat less dramatic as unit sales increased by 22% and the median sales price dropped by about 8%. Market volume was statewide was by 11%.
They say the night is always darkest before the dawn, and given the sales figures for last March, this may mean we are seeing the sun beginning to creep over the horizon in the housing market.