Warwick, R.I., May 3, 2017…Despite diminishing inventory, single-family home sales broke all records in the first quarter, rising an additional two percent from the past record set in the first quarter of 2016. The median selling price of homes sold also increased to $230,000, a 2.2 percent gain.
Condominium sales rose 21.2 percent from the prior year, also reaching new heights since the Rhode Island Association began publishing quarterly condominium sales in 2007. There were 394 condos sold in Rhode Island from January to March with a median sales price of $195,000, a two percent gain compared to the first three months of last year.
Likewise, multifamily property sales increased substantially, rising 10.6 percent year-over-year. The median sales price rose 9.7 percent to $181,000.
“Strong demand buoyed by enhanced financial health and increased consumer confidence is moving homes off the market quickly, particularly in the category of homes coveted by first-time buyers and downsizing empty nesters. Buyers are facing a lot of competition so they need to begin their home search prepared. By the same token, sellers need to be ready to move quickly,” said Brenda L. Marchwicki, President of the Rhode Island Association of Realtors.
Realtor statistics show that the number of days properties stayed on the market in the first quarter fell by double digits among all three sectors from a year ago, falling more than 13 percent in the single-family home market, and nearly 20 percent in the condominium and multifamily home markets.
“We may see sales start to temper a little bit as we move further down the road due to the low supply of homes for sale,” cautioned Marchwicki. “While the quarter started off with strong sales in January, that activity began to wane in February and March. There simply aren’t enough properties on the market to keep up with demand.”