Condominiums in Rhode Island have been in big demand the first three-quarters of this year, making them the fastest selling category of residential properties in the Ocean State.
According to the Rhode Island Association of REALTORS, condominiums were on the market for a shorter average period of time before being sold — 57 days through the third quarter of 2000 compared to 109 days during the same period in 1999. Condominiums are also selling faster this year then are single-family and multi-family homes, which on average, are on the market for 59 days and 96 days respectively before a sales agreement has been signed by a buyer and the seller.
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The State-Wide Multiple Listing Service (MLS) subsidiary of the Rhode Island Association of REALTORS reports a record 968 condominium sales during the first nine months of 2000. This figure is nearly identical to last year’s sales when 967 similar properties were sold, January through September. Although not by much, it is also the largest number of condominiums sold in the first nine months of the year since 1986, when such statistics were first recorded by the MLS.
The 2000 third-quarter median sales price of $95,500 is a 14 percent increase from the $87,500 third quarter mark in 1999. The median sales price generally reflects the quality and the mix of the properties being offered at the time.
The number of condominiums on the market for sale at any one time has declined steadily the last ten years from nearly 1,250 listings in November 1990 to the current mid-November level of 255, representing a ten-week supply.
“A strong sales performance was expected,” said Estelle Smith, president of the Rhode Island Association of REALTORS. “We’ve watched third-quarter sales increase the last seven years and the popularity for condominiums grow since 1986”
Smith expects a continued interest in condominium purchases for the remainder of this year and into 2001 but expects sales will come off this peak because of the short supply.
Eight cities and towns combined for 625 sales, attracting 62 percent of the Rhode Island condominium buyers in the first nine months of 2000. And of the cities and towns in Rhode Island recording condominium sales, 18 equaled or exceeded last year’s sales record through the third quarter while 12 had declining sales. North Providence earned top billing as Rhode Island’s condominium sales leader.
