R.I. Q1 home prices increase 2%

THE MEDIAN price of a single-family home in the first quarter of 2019 was $255,000, a 2% increase from the first quarter of 2018. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS
THE MEDIAN price of a single-family home in the first quarter of 2019 was $255,000, a 2% increase from the first quarter of 2018. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS

PROVIDENCE – The median price of a single-family home in the first quarter of 2019 was $255,000, a 2% increase from the first quarter of 2018, according to a Tuesday release by the Rhode Island Association of Realtors.

While prices increased, the number of Ocean State single-family home sales in the quarter declined 2.5% year over year to 1,903. The average number of days on market for a home was 72 days in the first quarter, compared with 66 days for the period a year ago.

“With rare exception, quarterly prices have been rising consistently since 2012. However, the rate of appreciation is becoming more subdued, and while home sales are still moving quickly, properties are staying on the market a little longer than they had last year,” said Dean deTonnancourt, president of the Rhode Island Association of Realtors, in a release.

The RIAR said that the quarterly total of distressed home sales in the state declined to 119 from 156 year over year.

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The median price of a Rhode Island condominium in the first quarter was $225,000, a 7.1% increase year over year. The number of condo sales for the quarter declined 6.8% over the year to 397. The average number of days on market for a condo increased to 86 days from 70 in that time.

Multifamily home sales increased negligibly year over year at 411 sales. The median price of a multifamily was $256,500, a 14% increase from one year prior. The average number of days on the market for a multifamily was 57 days, an increase from 49 in the first quarter of 2018.

“In this year’s spring market, buyers are seeing some promising signs. Price appreciation is slowing down, thanks in part to moderating sales activity and increased inventory, and mortgage rates remain low. While sellers are still seeing solid gains, buyers should start having more room to negotiate as these trends take hold,” added deTonnancourt.

Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.

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