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ProJo: R.I.’s second-quarter house prices highest in 11 years

The new statistics also show that houses have been selling quickly this year in Rhode Island, with days on market at 31 in Woonsocket, 33 on Providence’s East Side, and 38 for the rest of Providence.

PROVIDENCE, R.I. — Although the number of sales slowed, the state’s median house price for the second quarter of 2018, $280,000, was the highest quarterly price in 11 years. The median price was also up nearly 9 percent compared with the second quarter of 2017, the Rhode Island Association of Realtors and the Statewide Multiple Listing Service reported Wednesday.

The new statistics also show that houses have been selling quickly this year in Rhode Island. The average “days on market” fell to 50 in the second quarter, down from 59 one year earlier.

Providence was a particularly hot market this spring. In the East Side, the days on market fell to 33, down from 58 in the second quarter of 2017. For the part of Providence without the East Side, the average days on market was 38.

The days on market was also at 38 in West Warwick, and it was 31 in Woonsocket. The average days on market were much higher in high-end second-home markets, such as Block Island (419), Little Compton (145) and Jamestown (82).

The second quarter also saw a dramatic drop in the number of distressed sales, which include foreclosures and short sales. These sales fell to 127, down from 256 in the second quarter of 2017.

To view the complete article, visit Providence Journal 

Courtesy of Providence Journal 

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