WARWICK – Single-family home sales dwindled in January, down nearly 9 percent from a year earlier, as a lack of homes listed for sale continued to impact the market. The median sales price was pushed upward by 9 percent, to $244,900, according to figures released Thursday by the Rhode Island Association of Realtors.
Pending sales, those under contract, fell by 33 percent in January compared to January 2017.
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Rhode Island now has 2,497 homes available for sale, which is less than three months of inventory. A seller’s market exists in most towns and communities. A balanced market is considered one in which six months of inventory is available for sale.
Joseph Luca, president of the Realtors association, said people who have been thinking about selling a house should give it consideration. “The lack of competition in the marketplace is hiking prices so sellers are realizing more profit,” he said, in a released statement.
In condo sales, the median sales price rose 15.6 percent in January, to $215,000. Sales volume climbed 11.5 percent. Pending sales in this category fell by 7.7 percent.
In multifamily houses, the median sales price rose 20 percent to $225,000. Closing activity rose 3.6 percent in January. Pending sales in this market dropped 18 percent from the prior January.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
