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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

 

Solid Start to the Year for Rhode Island Home Sales

Warwick, RI, February 26, 2015...The momentum that began building in Rhode Island’s housing market toward the end of last year has carried into this year, according to the Rhode Island Association of Realtors.  The median price of single family homes rose six percent in January from 12 months earlier to $206,000 and sales activity rose three percent.  The number of sales under contract also increased four percent, indicating that the market’s boost in activity won’t end any time soon.

“If you’re someone who is ready and able to buy, you couldn’t ask for better conditions.  There’s a good supply of homes for sale that are priced well and mortgage rates are fantastic.  In many cases, it makes more financial sense to own rather than rent right now,” said Bruce Lane, 2015 President of the Rhode Island Association of Realtors.

At $207,500, January’s median sales price in the condominium sector was even higher than that of the single family homes market.  Though median price remained stable, rising just one percent from a year earlier, sales activity dropped five percent.  Pending sales of condominiums also decreased ten percent last month, an indication that sales activity in the condo market may remain sluggish in the next few months.

The investor-driven multi-family market showed the most significant gains in January.  Median selling price rose to $141,000, a 13 percent gain from January, 2014.  Even with the double digit rise in median price, sales activity flourished, rising 15 percent from a year earlier.

All three property types are slightly oversupplied for the market place, tipping the scales slightly in favor of buyers.  The single and multi-family markets have a seven-month supply of homes for sale, while the condo market has a supply of more than eight months.  A six-month inventory is considered a housing market that is evenly balanced between seller supply and buyer demand.  

Bruce Lane

2015 REALTOR®
State President

January 2015
Single Family Sales
By Town

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January 2015
Single Family Monthly
Sales Comparison

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January 2015
Multi Family Monthly
Sales Comparison

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January 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.