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
Cell: 401-207-4502
Email: kerry@rirealtors.org

2020 starts off with significant increases in Rhode Islandís housing market

Warwick, RI – February 20, 2020 --The first month of 2020 saw significant growth in Rhode Island’s housing market. The Rhode Island Association of Realtors reported a double-digit increase in the median price of single-family homes sold last month. January’s median sales price of $296,750 represented a 17 percent hike year-over-year.

Last month’s price increase did not curb sales activity which rose more than 14 percent since January 2018. Despite the escalation in closings, pending sales, or those under contract, decreased by the same amount. A slowdown in pending sales is often a sign of diminishing closed sales in the following months.

“Inventory continues to be a problem. We saw a huge jump in sales in December and January.  Now that those properties are off the market, our supply of homes is near an all-time low. With less than three months of inventory, our supply is half of what it should be,” said Shannon Buss, president of the Rhode Island Association of Realtors.

“Typically, the spring selling season brings a surge in inventory. Hopefully this year, it will be significant. The irony is, it really is a great time to sell and with interest rates remaining low, when you find the right property, it’s also a good time to buy,” she added.

The multifamily home market, which is often a cost-saving alternative for first-time buyers, also followed the same trends. The median sales price in that sector saw an annual increase of nearly ten percent in January. At $290,000, January’s median sales price was not far off from that of single-family homes. Closed transactions also increased, rising nearly four percent from the prior year.

Only the condominium market showed more tempered activity. RI Realtors reported a gain in median price of three percent and a year-over-year decline of two percent in closed transactions in January. Pending sales, however, were up from last year, indicating a potential boost to sales activity heading into the spring market.

Housing Statistics Archives

Months Supply: Click here for interactive display

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 5,400 members in approximately 900 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.


press photo

Shannon Buss

2020 President,
RI Association of REALTORS®

 

January 2020
Single-family Monthly
Sales Comparison

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January 2020
Multifamily Monthly
Sales Comparison

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January 2020
Condo Monthly
Sales Comparison

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January 2020
Single Family Sales
By Town

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