RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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R.I.'s Multifamily Home Sales Soar in AprilWarwick, RI, May 24, 2017…The multifamily home sector ruled Rhode Island's housing market in April. Investors looking to capitalize on rising rents drove a 43 percent increase in sales over April of 2016. The median price of those sales rose 6.9 percent from the prior year, to $192,500 according to statistics released today by the Rhode Island Association of Realtors. “When investors are participating in the market, that’s a good sign that consumer confidence is high and there are still good deals out there. The trick is being able to act quickly and competitively when spotting a hot property,” said Brenda L. Marchwicki, President of the Rhode Island Association of Realtors. In contrast to the multifamily home market, sales of single-family homes fell 4.1 percent. Such sales had a median sales price of $245,500, a 1.9 percent increase over the prior year. Condominiums sales showed the same trend. Condo sales fell two percent last month but saw the most significant increase in median sales price of all property types with a 19.3 percent gain. At $234,900, the median price of condo sales in April was the highest it has been since November of 2014. “The availability of smaller and less expensive starter homes is extremely limited right now and investors are edging out first-time buyers in the multifamily market. Ultimately, that has made condos an enticing option for many people. And, since lending restrictions on condos eased last year, more buyers are able to seal the deal,” commented Marchwicki. The supply of homes for sale dipped among all property types last month and sales in process fell as well. Slower sales in the months ahead are likely as a result of tightening inventory. Months Supply: Click here for interactive display
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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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