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By Patrick Anderson
PBN Staff Writer
WARWICK – The median price of Rhode Island single-family home sales rose 9 percent in March compared with the same period a year ago, the Rhode Island Association of Realtors said Friday.
The median March sale price was $190,000 was up from $175,000 last March.
Single-family sales volume dropped 2 percent compared with March 2012. There were 598 houses sold in March compared with 611 last March.
The inventory of houses on the market also continues to fall, dropping 16 percent from March 2012.
“We’re ushering in the spring market with interest rates at historic lows and prices, though rising, are still extremely reasonable,” said Rhode Island Association of Realtors President Victoria Doran in a statement. “We still have a little way to go to a completely balanced market but we’re definitely on the right track.”
The 158 sales through foreclosure or short sale declined from 206 last March.
In other areas of the market, the median price of multi-family building sales dropped 2 percent in March compared with March 2012. The median multi-family property sold for $125,000 last month, down from $126,950 in March 2012.
Multi-family sales volume dropped 16 percent year over year. There were 98 multi-family properties sold in March compared with 116 sold last March.
In the condominium market, the median sale prices climbed 38 percent last month to $177,750, compared with $128,750 the same time last year.
There were 102 Rhode Island condominiums sold last month, up 31 percent from 78 sold in March 2012.