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Big Rebound In East Providence Housing Market

Unit sales way up, prices slide.

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.

Single Family properties in agreement in EP

Single family properties currently on the market in EP

Homes Sold in EP so far this year

Condos for sale in EP

Condos in agreement

Condos sold in EP so far this year

Multi family properties for sale in EP

Multi's in agreement

Multi's sold in EP so far this year

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Arthur Dolloff May 07, 2012 at 03:59 PM
Hi Joe, Are your comments based on all sales including these $1 listings in the Journal Sat Paper? What is up with these $1 sales anyway. People trying to shield senior properties from State take over to cover nursing home costs ??
Joe Botelho May 07, 2012 at 04:21 PM
Hi Arthur. The actual solds don't count all the $1 sales. Sales are being driven by low prices and low interest rates so the actual solds and pending have really accelerated over the last month or so. You're probably right about the reason for the $1 sales though.

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