real estate

Single-family home sales in R.I. rise 7% in April

SINGLE-FAMILY HOME SALES in Rhode Island rose 7 percent in April, the best spring selling season in years, according to the Rhode Island Association of Realtors.
Posted 5/30/13

WARWICK – Rhode Island single-family home sales rose 7 percent in April compared with the same period last year, the Rhode Island Association of Realtors said Thursday.

And for the seventh consecutive month, the year-over-year median sale price of single-family houses also went up, climbing 3 percent last month from April 2012.

There were 657 houses sold in Rhode Island in April, up from 612 last April.

The median sale price climbed from $175,000 in April 2012 to $180,000 last month.

“This is the best spring selling season we’ve seen in years,” Rhode Island Association of Realtors President Victoria Doran said in prepared remarks. “The rebound has been slow, but the important thing is, the economy and the housing market are improving.”

“Still, we need to emphasize the importance of realistic pricing,” she added. “I've seen a lot of sellers who think they can get astronomical prices now because they’re hearing about a shortage of inventory. Those are national reports. Rhode Island still has a good amount of homes for sale so it’s important to price competitively.”

In other areas of the market, multi-family building sales rose 11 percent year over year in April.

The increase in sales volume only hurt multi-family prices, however, as the median sale was for $107,000, down 16 percent from last April when it was $127,499.

Foreclosures and short sales, which account for half of all multi-family sales in the state, rose 4 percent in April, contributing to the fall in prices.

Condominium sales were strong in April, rising 16 percent compared with April 2012.

The median condominium sale price in April climbed 13 percent in April to $157,500. Last April the median price was $140,000.

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