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RHODE ISLAND ASSOCIATION OF REALTORS®, INC.

"The Voice of Real Estate in Rhode Island"
Serving Rhode Islanders Since 1948
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Press Release

Contact: Kerry Park
Ph: 401-432-6948
Email: communications@riliving.com

 

RI Home Closings Increase Moderately in March Despite Harsh Weather in February

Warwick, RI, April 27, 2015… Despite harsh winter weather, single family home sales held their own in March.  Sales activity increased two percent from 12 months earlier and the median sales price remained stable at $206,000, a slight increase from the median price of $205,000 in March, 2014.  The number of sales under contract rose seven percent - strong evidence that completed sales will continue to increase in the coming months.

“I think the weather that hit the area in February curtailed sale activity in March. I expect we may see a bit more of that in April since many closing cycles take 60 days to complete.  As we move further into the spring, I think we’ll see both the number of closings and listings increase,” said Bruce Lane, President of the Rhode Island Association of Realtors.   March single family home inventory was down seven percent from 12 months earlier.

In spite of February’s snowfall, the investor-driven, multi-family home market fared extremely well in March.  Sales rose 37 percent from the prior year and median price increased six percent to $158,500. The investment market often leads market trends.

Condominium sales, on the other hand, continued to struggle. Sales activity decreased three percent and median price fell eleven percent to $172,500, a decrease which could be explained by onerous condo lending restrictions.

Overall, Rhode Island Realtors expect a robust spring market.  For those looking to buy or sell, Lane advised setting up for success by getting pre-qualified and using the services of a Realtor with knowledge of the local market.  “If you’re buying, a Realtor will help you get through your home search without making costly mistakes and if you’re selling, they can guide you through the maze of deadlines and contracts involved in the sale and get your home maximum exposure.  Just as important, they can help you get more money for your home,” Lane commented. 

According to the latest research from the National Association of Realtors, the median selling price for agent-assisted home sales is about $26,000 higher than unassisted sales.

The Rhode Island Association of Realtors will release first quarter sales statistics on Wednesday, April 29th.

  

Bruce Lane

2015 REALTOR®
State President

March 2015
Single Family Sales
By Town

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March 2015
Single Family Monthly
Sales Comparison

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March 2015
Multi Family Monthly
Sales Comparison

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March 2015
Condo Monthly
Sales Comparison

 

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 approximately 850 offices, has been serving Rhode Islanders since 1948. Collectively, RI REALTORS® transacted nearly $5.1 billion in real estate sales last year. 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.

The Association is one of more than 1,400 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 1.1 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.