Overview of Current Market Conditions

Changes in market value vary from state to state and from community to community within states. National trends that are broadcast in the media don’t always tell the story on the local level. The following graphs are designed to give a detailed overview of trends in the Narragansett, RI market over the last three years. The graphs show the change in the median price of a single family home from 2006 through 2008. The median price is the middle price between the highest and lowest price. We use the median and not the average because the median gives equal weight to all sales while the average gives extra weight to the very highest and very lowest sales. We have also included a graph showing the changes in the number of single family homes sold in each year.

The first graph show the changes in the median price of a single family home over the last three years: es)

As we can see from the above chart, the median price peaked in 2006, declined in 2007 and has remained almost flat in 2008. Overall, the changes in median price have not been dramatic over the last three years.

The second chart shows the number of single family sales that took place in Narragansett over the last three years.

As we can see from the above chart, the number of transactions peaked in 2007 and has declined to below 2006 level during the past year. We can see weakness in the market in 2008 due to the drop in the number of sales yet the number in 2008 is not far off 2006 levels.