Some Recent Sales Data in Pawtucket

So I was looking through some MLS statistics for the Pawtucket area. I searched for all single family sold houses in April of this year and compared it to the single family sold houses in April of last year. Not surprisingly, I found that prices have gone down pretty sharply – to the tune of almost 16%. That’s a pretty serious drop in one year. Making that even worse is the fact that the number of houses sold dropped by over 20%. This has become a highly competitive market.

Pawtucket
SFM Houses Sold in April
	# Sold	List Price	Sale Price
2008 Average	27	$199,900	$193,600
2007 Average	34	$236,695	$229,641
Change	-7	($36,795)	($36,041)
% Change	-20.59%	-15.55%	-15.69%

In my opinion, this is not over yet. There are massive amounts of houses for sale, less buyers, tighter lending practices at banks, and a flood of foreclosures on the market. All of these factors equal one thing – downward pressure on prices.

For those thinking of selling their homes, the price has to be competitive. You have to find a way to make your house stand out from the crowd.

For the buyers out there, this is a great time. Shop around.

- Martin