Sales gain, prices drop in April for single-family homes in R.I.

EVEN AS SALES AND DAYS ON MARKET improved in April for single-family home sales compared with March, the median sale price fell for the Ocean State, according to the Rhode Island Association of Realtors. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS
EVEN AS SALES AND DAYS ON MARKET improved in April for single-family home sales compared with March, the median sale price fell for the Ocean State, according to the Rhode Island Association of Realtors. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS

WARWICK – Single-family home sales rose 2 percent in April in Rhode Island, compared to a year earlier, while the median price dropped 5 percent.

The Rhode Island Association of Realtors attributed the moderate activity to harsh winter weather in February and March, which presumably delayed house hunting activities. In April, the state had a 21 percent increase in houses under contract, an indication that closed sales should increase in the months ahead, according to the association.

In April, 637 houses were sold, compared with 626 in the same prior-year period. The median price for a single-family home dropped to $198,600. The average days on market for closed homes decreased one day to 92.

In a departure from the national trend, which is decreased inventory, Rhode Island has 7.5 months of houses available for sale. The industry considers six months of supply a balanced market between buyers and sellers. The slight oversupply of homes in Rhode Island gives buyers an advantage, said Bruce Lane, president of the Rhode Island Association of Realtors.

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The multifamily market strengthened by comparison. In April, closings rose 36 percent over the prior year, and the median price rose as well, by 18 percent. The median price, which had bottomed out at $69,900 in April 2009, reached $163,800 in April, according to the association.

In condominium sales, the association reported signs of improvement after months of declining values and sales. Although sales activity remained flat in April, the median price rose 4 percent to $179,500 in April. Condos under contract also increased by 10 percent, ending five months of decline.

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