News

Warwick, R.I. – May 19, 2022 – The median sale price of single-family homes sold in Rhode Island in April was $420,000, a 20.3% gain from 12 months earlier and the first time the median sales price has risen to $400,000 or above. The increased prices, along with rising interest rates, has slowed sales for the third consecutive month. Sales data from the Rhode Island Association of Realtors pointed to a 12.5% decline in sales compared to April 2021. Homes put under contract in April but not closed by month’s end, were also down by 20.2%, an indication that continued restraint in sales activity in the months ahead is likely.

It is easy to understand why some customers get confused when entering an “outside MLS” sale into Matrix. Is the transaction considered a “broker assisted sale” or a “reported for comp only sale” as contemplated by the MLS Rules and Regulations? Both are designed to allow for sales credit and added comparable properties. However, the appropriateness of when to use each is quite different. 

When consumers work with a team, they may assume that all team members represent them, even though that may not be true. To help consumers better understand their relationship with individual team members, the Department of Business Regulation has approved the following regulation:

Are you working with a buyer or seller of a home with solar panels? Here are five key questions to consider upfront.

Warwick, R.I. – April 28, 2022 – The $375,000 median price of single-family homes sold in Rhode Island from January through March represented a 13.7% increase from the same time last year. In a statement released today, the Rhode Island Association of Realtors also noted another sharp drop in year-over-year inventory in the first quarter.

Are you aware that appraisers are now required to use the Square Footage-Method for Calculating: ANSI® Z765-2021 (American National Standards Institute®) Measuring Standard for measuring, calculating, and reporting gross living area (GLA) and non-GLA areas of subject properties for appraisals requiring interior and exterior inspections with effective dates of April 1, 2022, or later on loans sold to Fannie Mae. 

Warwick, R.I., April 19, 2022 – In March, Rhode Island’s supply of single-family homes for sale continued to fall from a year earlier, causing prices to continue their double-digit ascent. According to the Rhode Island Association of Realtors, the supply of homes for sale last month was 26% less than 12 months earlier and 62% less than it was in March of 2020. 

Warwick, R.I.—March 17, 2022 – The Rhode Island Association of Realtors reported today that sales fell among all residential property types in February, while prices continued to climb in Rhode Island’s housing market.

With just 789 single-family homes for sale last month, the supply reached a record-breaking low since 1998, the year the Association began keeping inventory records. The number of single-family homes for sale fell 30.6% from February 2021, and 67.6% from 2020, just before the pandemic began.

Attention brokers and licensees - Are your real estate web sites and social media in compliance with the Department of Business Regulations new advertising regulations?