Warwick, RI, April 25, 2016…Home sales activity in Rhode Island continued to heat up in March. The number of single family homes sold increased 23 percent, compared to March, 2015, and the median sales price rose nearly 12 percent to $230,000. According to statistics released by the Rhode Island Association of Realtors, 750 sales were transacted last month resulting in the busiest March on record in more than a decade. Sales under contract but not yet closed also experienced a 16 percent increase which should continue to boost closed sales in April and May.
“We expected sales in March to top last year’s due to the bad weather we had in 2015, but we had far and away more sales than we’ve seen at this time of the year for quite some time. Buyers are taking advantage of historically low mortgage rates and new lending programs. Even many former homeowners that were hurt by the recession are finding that they too can qualify for a mortgage once again,” said Arthur Yatsko, president of the Rhode Island Association of Realtors.
Though home affordability is luring buyers into the market, sellers also have advantages. The inventory of available homes for sale is diminishing, putting them in the driver’s seat in many markets.
“Though the supply of homes for sale increased from the prior month, inventory is still lower than last year. As a result, if you’ve been thinking about selling your home, now is a great time to do so. You’ll have less competition, and you will be able to take advantage of great rates when you purchase your next residence,” commented Yatsko.
The condominium market also showed strong gains, with the number of sales rising almost 10 percent in March, and the median sales price increasing nearly 17 percent to $201,500. A three percent increase in pending sales, down from a 10 percent increase in February and a 14 percent increase in January, shows that growth in the condo market may be beginning to decelerate.
The pace of sales in the multi-family home market has already dissipated, rising just 1.7 percent from the prior year. Median price however, showed a strong ten percent gain.
The Rhode Island Association of Realtors will release first quarter sales statistics on April 27th.