RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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Rhode Island Home Sales Remain Brisk in MayWarwick, RI, June 22, 2016… With 986 single family homes sold in Rhode Island last month, May marked the 18th consecutive month of increased year-over-year sales. Sales activity rose nearly 19 percent compared to May, 2015, while the median sales price rose 5 percent to $239,000. The statistics were released today by the Rhode Island Association of Realtors. Pending sales also rose above the level of a year ago, an indication that a slowdown over the summer is unlikely despite inventory levels that continue to remain below last year’s. Currently, there is just over a 5-month supply of single family homes for sale, giving sellers a slight edge, though that varies by area. Industry experts refer to a 6-month supply as a balanced market. “Realtors are busy. It’s been a while since we’ve seen this level of sustained activity. Buyers are tapping into the lowest interest rates in three years and home owners who were not in a position to sell before, are now able to do so. Even people who lost their home due to job loss or some other financial issue during the recession, are now able to get back into the market again. Consumers on both sides of the transaction are seeing the value in making a move,” commented Arthur Yatsko, president of the Rhode Island Association of Realtors. The multi-family housing market showed particularly strong gains. The number of sales rose 30 percent from 12 months earlier and the median sales price rose 18 percent. The median price in the condominium market however, decreased in May though the number of condo sales grew by 11 percent. The median sales price of condos sold in May dropped 10 percent to $199,900. “It’s not unusual for a sales promotion in one condo complex to skew the number of condo sales or the median selling price considerably, particularly when we’re looking at the time frame of only one month. Median sales price in the condo market is often up one month and down the next,” explained Yatsko. “Overall we’re looking at positive trends. We’re continuing to see foreclosures and short sales move out of the market, as well as brisk sales of all property types,” said Yatsko. Months Supply: Click here for interactive display
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Art Yatsko2016 REALTOR® May 2016 ------------------ May 2016 ------------------ May 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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