PROVIDENCE – The median price of a single-family home in Rhode Island in May increased 3% year over year to $309,500, according to the R.I. Association of Realtors Monday.
The median price was an all-time high in Rhode Island, however, the increase was concurrent with a sharp decline in sales.
There were 742 single-family home sales in May, a 31% decline from one year prior. Listings in the state dropped by roughly a third from one year prior to 2,397. Pending sales in May also declined, though less significantly, falling 1.6% year over year to total 1,253.
“Obviously sales activity in May was bleak, as we expected, but we’re heartened by the fact that conditions haven’t deteriorated further from April to May,” said Shannon Buss, president of the Rhode Island Association of Realtors, in a statement. “Our biggest obstacle is listing properties for sale, but that was the case before the pandemic as well. Now that the stay-at-home orders are lifted and people are getting back out, we’re hopeful that potential sellers will become more comfortable about putting their home on the market. Sellers really are getting top dollar right now and buyers are taking advantage of fantastic rates.”
Condominium sales in the state declined 38.6% year over year to total 148 in May. The median price of a condo in Rhode Island was $243,500, a 5% increase year over year. Condo listings declined 23% over the year to 639. Pending condo sales totaled 240 in May, a 25.9% decline from May 2019.
Multifamily-home sales totaled 93 in May, a 42.6% decline year over year. The median price of a multifamily home for the month was $305,000, a 14.1% increase from May 2019 and an all-time high for the state. Listings in Rhode Island declined 31% year over year to 357. Pending sales declined 26.6% year over year to 282.
“What we saw last month is not surprising given that everyone was sequestered at home in April and much of March,” said Buss. “It has become apparent that our ‘spring’ selling season will begin in the summer, depending on the comfort level of buyers and sellers in social settings as we reopen the economy. The good news is, we’re seeing a lot of buying activity, and multiple-offer situations are prevalent.”
