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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

 

October Single Family Home and Condo Sales Continue to Outpace 2014

Multi-family Property Sales Data Shows Moderation

Warwick, RI, November 24, 2015...Rhode Island's single family home sales rose eight percent in October compared to a year earlier, continuing an upward trend in closing activity that began a year ago.   The median price of those sales dropped three percent according to data released today by the Rhode Island Association of Realtors.

“Rhode Island is experiencing the healthiest housing market since the recession. Though last month’s median sales price was slightly lower than last year’s at the same time, it’s not a concern.  In 2014, the median price peaked in October so, though this year’s price dropped a bit since then, it was still higher than nearly every month last year.  Most homeowners have made solid gains in equity in 2015,” said Arthur Yatsko, 2016 President of the Rhode Island Association of Realtors. 

Sales also remained strong in the condominium market, with both the number of sales and the median sale price rising nine percent from a year earlier. The condo market was the last housing sector to regain its footing in the recovery, hampered in part by strict credit requirements for condo buyers.  Recently however, the Federal Housing Administration announced that it will be taking steps to increase access to credit for buyers interested in purchasing a condominium.

Unlike the single family home and condo markets, which saw an increase in sales in October, sales of multi-family properties decreased six percent from the prior year.  The median sales price however, increased by six percent to $178,000.  The number of multi-family homes under contract remained relatively flat from a year ago, down less than half a percent, in contrast to an increase in pending sales seen in other sectors of the market.  Sales under contract are considered to be the most accurate predictor of market activity in the coming months.

“Early reports that the Federal Reserve could likely raise interest rates as early as December may have encouraged multi-family home buyers to invest earlier this year, well before the threat of rising interest rates was realized,” commented Yatsko. 

Art Yatsko

2016 REALTOR®
State President

October 2015
Single Family Sales
By Town

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October 2015
Single Family Monthly
Sales Comparison

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October 2015
Multi Family Monthly
Sales Comparison

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October 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.