Warwick, 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.
According to Kerri Bacarri of Albert Realtors when you take into account the favorable overall economic conditions in the state of Rhode Island plus the historically low interest rates this is and will continue to be for the foreseeable future a great time to buy or sell.