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.