RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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RI Housing Market Starts Out Strong in Beginning of YearWarwick, RI, February 24, 2016…The strength of the single family home market continued to increase in January with median price climbing nearly ten percent from 12 months earlier and the number of sales rising just under two percent according to the Rhode Island Association of Realtors. Though first quarter home sales activity is traditionally slow, the market started out stronger than usual in the beginning of the year. This past January was the busiest on record for single family home sales since January, 2004. “The housing market hit a high note by the end of 2015 and it appears that its strength is continuing into 2016. Despite the fact that the Federal Reserve hiked interest rates, mortgage rates actually fell to historically low levels. A combination of those low rates, good affordability in general, and less onerous lending requirements, are bringing buyers back into the market in droves,” said Arthur Yatsko, president of the Rhode Island Association of Realtors. Following a trend seen earlier in most other markets, the surge in buyers is beginning to deplete Rhode Island’s supply of homes for sale, giving a slight advantage to sellers. Rhode Island had just under a five-month supply of single family homes for sale in January. A six-month supply is considered to be a market balanced between sellers and buyers. Sales under contract but not yet closed continued their upward trend for the 11th consecutive month in January, indicating continued closing activity in the months ahead. The multi-family home market also fared well last month with the number of multi-family sales rising 16 percent from January, 2015 and median sales price increasing nearly ten percent to $155,000. Pending sales however, decreased four percent, indicating that closing activity in the multi-family home sector may be restrained as the spring market approaches. Though the number of condominium sales rose nearly nine percent compared to January, 2015, median price fell to $183,000 from $207,500 12 months earlier. Pending sales rose nearly 14 percent – a sign that the increased activity in the condo market will continue in February and March. “Though condominiums offer an affordable option for first-time home buyers, financing has been difficult. Fortunately, some of the restrictions that were hampering sales were eliminated last year , and earlier this month, legislation was passed by the House that would remove even more barriers to condo financing. As a result, sales activity has increased and should continue to do so,” Yatsko commented. Months Supply Heat Map as of February 16, 2016:
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Art Yatsko2016 REALTOR® January 2016 ------------------ January 2016 ------------------ January 2016 ------------------ |
About the Rhode Island Association of REALTORS®The Rhode Island Association of REALTORS®, one of the largest trade organizations in Rhode Island with more than 5,000 members in nearly 1,000 offices, has been serving Rhode Islanders since 1948. Advocating for Rhode Island's property owners, the Rhode Island Association of REALTORS® provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property. Last year, RI Realtors transacted $6.9 billion in residential real estate sales and $7.1 billion in total sales and rentals including commercial transactions. The Association is one of more than 1,500 boards and associations that comprise the National Association of REALTORS® (NAR). The National Association of Realtors®, “The Voice for Real Estate,” is America's largest trade association, representing over 1.5 million members involved in all aspects of the residential and commercial real estate industries and who subscribe to a strict Code of Ethics. REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics. |
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