Condo sales in R.I. up in 3rd quarter

Sales of condominiums in Rhode Island rose 2.9 percent in the third quarter compared with the same period in 2008, according to a report by The Warren Group, a Boston-based real estate tracking firm.

Condo sales statewide inched up to 430 in the third quarter from 418 during the same period last year. In September, condo sales surged 22.6 percent, to 141 from 115 in September 2008. A total of 978 condo sales were recorded in the first nine months of 2009, down 17.5 percent from 1,186 a year earlier.

The third-quarter median condo price tumbled 9.8 percent to $184,900 from $205,000. The median selling price in September was $190,000, 3.6 percent lower than the $197,000 median price in September 2008. The year-to-date median condo price has plummeted 16.3 percent to $180,000 from $215,000.

Journal staff

JT’s Lumber sold to N.Y. company

A century-old, family owned landmark for Rhode Island builders and home do-it-yourselfers, JT’s Lumber Company, has been sold to a New York lumber business, officials said.

The buyer is Riverhead Building Supply Corp., which operates nine lumber and building supply stores on Long Island. Riverhead marketing manager Gael Harden said the company plans to keep JT’s name and employees at its two locations in North Kingstown and Middletown. She said it will rename JT’s Signature Spaces showrooms to match Riverhead’s five similar Perimeter Showrooms. The closing was Friday, Harden said.

Edgar Goodale, Riverhead’s president, is descended from the family that started the company more than 60 years ago, Harden said.

“Our goal is to keep the JT’s Lumber tradition going strong for another 100 years,” Goodale said. The price wasn’t stated.

Bruce Landis

Commodities

Dollar: In trading against major currencies yesterday in New York, the dollar ended at 90.78 Japanese yen, from Wednesday’s close of 90.74 yen. The euro closed at 3:30 p.m. at $1.4868, from $1.4888.

Metals: Gold for current delivery closed at $1088.70 a troy ounce on the New York Mercantile Exchange, from Wednesday’s close of $1086.70. Silver closed at $17.400 an ounce, from $17.395.

Fuels: December light, sweet crude oil fell 78 cents to $79.62 a barrel on the New York Mercantile Exchange. December heating oil fell 3.26 cents to $2.0576 a gallon.

Find up-to-date local and national business news at projo.com/business.