Realtors: R.I. home sales rise 12% in Jan., median price jumps 11%
SALES OF SINGLE-FAMILY homes in Rhode Island ROSE 12 percent in January compared with the same month a year earlier, according to the Rhode Island Association of Realtors. A 7 percent drop in pending sales, however, could indicate a slowdown in the market.
WARWICK – Rhode Island single-family homes sales rose 12 percent in January compared with the same period last year, the Rhode Island Association of Realtors said Friday.
There were 528 houses sold last month, up from 472 in January 2013.
Tracking the strong volume, the median price of single-family sales rose 11 percent to $194,950 in January from $175,000 last year. It was the 16th consecutive month of monthly year-over-year price gains in Rhode Island.
However, pending house sales yet to close dropped 7 percent compared with January 2013, signaling that the market may be in the process of slowing down.
“The new year started out with a bang but the supply of single-family homes and condos has fallen,” said Rhode Island Association of Realtors President Robert Martin. “That, along with the winter weather that we’ve had, could constrain sales in the next couple of months. We're confident that we’ll see the supply of homes for sale bounce back in the spring market.”
In the multi-family market, sales of apartment buildings rose 8 percent last month compared with January 2013. There were 86 buildings sold in January and 80 during the same period last year.
The median multi-family sale price also rose 8 percent, from $115,500 last January to $125,000 last month.
The condominium market was flat in January with an identical 96 sales both last month and last year.
The median condominium sale price rose 3 percent year over year in January to $205,000 from $199,450.