PROVIDENCE – The COVID-19 pandemic appears to have impacted the rate of real estate sales and listings in Rhode Island, new data shows.
Sales of single-family homes in Rhode Island in April declined 9.5% year over year to 738, according to the Rhode Island Association of Realtors Thursday.
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The median price of a single-family home increased 7.5% year over year to $295,500.
Listings of homes in the state declined 32.1% year over year to 2,307. Pending sales declined 11% from April 2019 to 1,081.
“No matter how we view the numbers, we’re not able to answer the question of the day, ‘What’s in store for the real estate market? The housing market is directly linked to the economy and until we know how the summer is going to play out, there’s no way to predict what lies ahead. Thankfully, we started the year with a strong start and plenty of pent-up demand, so we’re hopeful that will resume quickly as the economy reopens,” said Shannon Buss, 2020 president of the Rhode Island Association of Realtors.
Condominium sales in Rhode Island declined 36.1% year over year to 115 in April. The median condo price for the month was $249,900, marking an 8.9% increase from one year prior. Listings of condos dropped 28% over the year to 615. Pending sales declined 33.4% to 203 in that time.
Multifamily home sales declined 19.9% year over year in April to 121. The median price of multifamily homes increased 14% in that time to $285,000. Listings in the state dropped 29.3% year over year to 330. Pending sales declined 31.3% over the year to 248.
“The National Association of Realtors is reporting some positive outlooks for the future, so that’s optimistic. Still we have to keep in mind that each area is different. Rhode Island has a good percentage of second and vacation homes, so we need to see how our state will handle the summer crowds before we can determine where our housing market will ultimately land,” said Buss.
