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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

 

Rhode Island Single Family Home Sales Activity and Median Price Increase in Fourth Quarter

A strong fourth quarter housing market bodes well for the New Year

Warwick, RI, January 28, 2015…Home sales statistics released today by the Rhode Island Association of Realtors showed a strong uptick in the housing market in the fourth quarter of 2014. The number of homes sold during the last three months of the year rose six percent from the same time period in 2013.  Median price also made a solid gain of eight percent, rising to $217,000 from $201,000 12 months earlier.

Though sales activity also picked up in the condominium sector, the growth was more moderate, rising three percent from the fourth quarter of 2013.  Median sales price fell by the same percentage to $189,900.

Multi-family home sales activity remained relatively stable from October through December, with a one percent increase in sales year over year.  The fourth quarter median sales price of multi-family properties rose six percent to $148,750.

“There was good traction in the market going into the New Year,” said Bruce Lane, 2015 President of the Rhode Island Association of Realtors.  “Interest rates, which fell again to near record lows late last fall, helped housing affordability.  Improving economic indicators also seemed to enhance consumer confidence.”

The increase in sales in the fourth quarter followed ebbs and flows in the market for much of the spring and summer.  Year-end data, also released by the Rhode Island Association of Realtors today, shows sales activity in the single family home market virtually unchanged for the year overall from the previous year.  The 2014 annual median selling price of single family sales rose five percent from 2013 to $215,000.  That number signifies the highest median sales price of single family homes since 2008.

In other sectors, the housing market experienced a five percent drop in activity among condominium sales and a decline in median price of two percent for the year overall.  The number of multi-family property sales also declined, down two percent, but the median sales price of multi-family properties rose 12 percent to $145,750. 

“The single and multi-family home markets, which were affected more by foreclosure and short sales than the condominium segment, saw their median prices rise last year as lower priced distressed sales inventory diminished.  Each month we’re seeing fewer and fewer sales caused by financial difficulties – a trend which is obviously helping to stabilize Rhode Island’s housing market,” said Lane.

Lawrence Yun, Chief Economist of the National Association of Realtors, predicts that a stronger economy will lead to a healthier housing market in the year ahead.  Likewise, Fannie Mae economists point to several factors in the housing recovery’s favor such as a  stronger jobs market, lower gas prices and rising household net worth.

Bruce Lane

2015 REALTOR®
State President

4th Quarter 2014
& 2013 Comparison
Single Family

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4th Quarter 2014
& 2013 Comparison
Multi-Family

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4th Quarter 2014
& 2013 Comparison
Condominium

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2014 Year End
Single Family Sales

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2014 Year End
Multi-Family Sales

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2014 Year End
Condominium Sales

 

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.