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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

 

Sales of Single Family Homes Rise by Double Digits in February

Warwick, RI, March 26, 2015… Rhode Island’s single family home sales climbed 14 percent in February from twelve months earlier, according to statistics released today by the Rhode Island Association of Realtors.  The median price of those sales also increased, rising from $185,000 in February of 2014 to $194,500 last month.  The association reports comparison of sales year-to-year rather than month-to-month to avoid seasonal fluctuations.

“We saw quite a bit of closing activity last month but the harsh winter weather did cause problems with showings.  We may see decreased sales in the months ahead,” said Bruce Lane, President of the Rhode Island Association of Realtors.  The association reported a three percent decrease in homes under contract but not yet closed.

Multi-family home sales activity showed a more modest increase in February of just one percent, but the median sales price of those properties rose eight percent from the prior year.  Pending sales also increased one percent.

The condominium market didn’t fare as well, with the number of February sales falling eight percent and median price decreasing two percent. The slower condo market may be explained by lending guidelines that often require that the majority of the development be owner-occupied.  Many condo developments turned to rentals during the housing slowdown and have not yet achieved a majority of owner-occupied units.

“Though we had a tough winter, I think the signs look good for the spring market.  If anything, the harsh weather probably delayed some people from putting their homes up for sale.  We may see a significant increase in inventory as we head into April,” said Lane. 
Realtor statistics showed evidence that February’s weather pattern may have hindered listing activity.  Last month, the number of homes for sale fell from the previous year among all property types.

“I’m not surprised to see the number of home sales on the rise,” commented Lane.  “Interest rates are still low which helps to make ownership affordable and rents are rising every day.  If you're in the position to buy, it generally makes good financial sense.”

  

Bruce Lane

2015 REALTOR®
State President

February 2015
Single Family Sales
By Town

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February 2015
Single Family Monthly
Sales Comparison

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February 2015
Multi Family Monthly
Sales Comparison

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February 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.