WARWICK – Rhode Island single-family home sales rose 15 percent in the second quarter of 2013 compared with the same period last year and the median price of those sales increased 10 percent, the Rhode Island Association of Realtors said Tuesday.
The median house sales price of $209,900 between April and June was the highest since the second quarter of 2010, when the expiration of federal stimulus tax credits drove a spike in sales. The 2012 second quarter median sale price was $190,500.
There were 2,445 houses sold in the second quarter, increasing from 2,128 in the second quarter of last year.
Condominium sales picked up even more in the second quarter, rising 28 percent from the second quarter of 2012. There were 474 condominiums sold in the second quarter compared with 371 in the second quarter of 2012.
The median condominium sale price rose 20 percent, to $202,750, in the second quarter from $170,000 in the second quarter of last year.
“Condo sales have been coming on strong," said Rhode Island Association of Realtors President Victoria Doran in a statement. “The supply of single family homes is a bit more constrained then the supply of condos for sale right now, so buyers may be turning to the condo market in their search for a home.”
Multi-family building sales were more modest in the second quarter, increasing 2 percent from the first quarter of last year. There were 347 multi-family properties sold in the second quarter compared with 340 in the second quarter of 2012.
A decline in the volume of distressed sales helped boost the median multi-family sale price 5 percent. The median multi-family sale price in the second quarter was $126,000, up from $120,000 in the second quarter of last year.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.