Warwick, RI, February 28, 2017 — January sales statistics released today by the Rhode Island Association of Realtors show a strong surge in closing activity at the beginning of the year. Single-family home sales rose 21 percent compared to January of 2016. The median sales price of those sales was $225,000, $1500 less than the prior year.
Realtor data also portrays a continuously shrinking inventory of homes for sale with 13.2 percent fewer homes on the market this January than in January of 2016. Pending sales, which foretell closing activity in the months ahead, fell for the second consecutive month.
“We’re just on the heels of the spring market which is when we typically see more homes going up for sale. Right now demand is outstripping supply so if homeowners have been thinking of selling, they should know that in most areas, market conditions are clearly in their favor. There’s no telling how long the combination of pent-up demand and low interest rates will last,” said Brenda Marchwicki, president of the Rhode Island Association of Realtors.
Condominium sales were also robust in January, rising 31.3 percent from 12 months earlier. The median sales price increased 1.6 percent and the supply of condominiums for sale remained stable, rising .26 percent. Pending sales also remained relatively flat, falling just .45 percent year-over-year.
In keeping with the other sectors of the market, the number of multifamily home sales rose 20 percent in January from January of 2016. This sector also saw the largest gain in median sales price of all property types with an increase of 20.8 percent. Both listings and sales under contract were down from 12 months earlier however, a sign that sales of multifamily properties could abate in the months ahead.