RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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R.I. Single Family Home Sales Break Record in First QuarterWarwick, RI, April 27, 2016…According to sales statistics released by the Rhode Island Association of Realtors, Rhode Island experienced the busiest first quarter in the single family home market since record keeping began in 1986. With 1906 sales from January through March, 2016’s first quarter sales beat the record set in the first quarter of 2005 of 1825 sales. Single family home sales increased nearly 15 percent in the last year alone. The median sales price of single family homes sold in the first quarter also rose 12.5 percent compared to January through March, 2015, to $225,000. “I can’t remember the last time that the housing market offered such tremendous benefits on both sides of the transaction. In many towns we’re seeing a bit of a seller’s market because of a diminishing supply of inventory but buyers are able to capitalize on great rates. There are even new lending programs for buyers who are re-entering the market. And though prices are rising, they’re still affordable, in many cases, more so than renting,” noted Arthur Yatsko, President of the Rhode Island Association of Realtors. Activity also increased in the multi-family home market in the first quarter, with the number of sales rising 12.3 percent from first quarter, 2015. Likewise, median price rose 8.3 percent to $166,250. Condominium sales saw the biggest boost in activity from the previous year, increasing 22 percent. The median sales price however, remained relatively flat, up less than one percent over last year. Several restrictions to condo financing were eliminated last year, helping to boost sales but in contrast to other sectors of the market, a healthy supply of condos for sale is keeping prices down. Distressed sales decreased among all property types in the first quarter. Median prices ranged from a low of $60,044 for Pawtucket condominium sales to $1,125,500 in Block Island’s single family home market.
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Art Yatsko2016 REALTOR® 1st Quarter 2016 ----------- 1st Quarter 2016 ----------- |
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 nearly 1,000 offices, has been serving Rhode Islanders since 1948. 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. Last year, RI Realtors transacted $6.9 billion in residential real estate sales and $7.1 billion in total sales and rentals including commercial transactions. The Association is one of more than 1,500 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 1.5 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. |
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