Home listings increase 10% in Rhode Island

WARWICK – The number of single-family homes listed for sale jumped by 10% in March, an indication that buyers will have more options for the all-important spring buying season.

New figures released Monday by the Rhode Island Association of Realtors show 3,026 active listings in March, up from 2,750 at the same point last year.

In sales, home closings increased by 2.7% year over year in March, while the median sale price remained the same, at $265,000.

The Rhode Island home market has been characterized by diminished inventory for the last several years, dampening overall activity. In March last year, Rhode Island had about 2.9 months of supply in listings. This year, the supply was closer to 3.5 months, still a seller’s market, but closer to balanced.

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In the condo market, Rhode Island had 144 units sold in March, a decrease of almost 13% in activity. The median sales price increased by 13.5% to $228,500, according to the association.

Here, too, listings have increased. Rhode Island had 811 condo units on the market in March, up from 720 listed the previous year.

Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.