PROVIDENCE – The median price of a single-family home in the third quarter increased 3.8 percent year over year in Rhode Island to $275,000, according to the Rhode Island Association of Realtors Wednesday.
The number of sales in the quarter declined 6.7 percent year to year to a total of 3,062. Meanwhile the average days on market for a single-family home declined from 52 days to 49 days.
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The number of distressed sales of single-family homes declined sharply year over, from 212 to 122 sales.
“We’re not surprised to see that sales are beginning to plateau, in fact, we welcome it,” said Joe Luca, 2018 president of the RIAR. “A moderation in sales activity gives the market a chance to ‘catch up’ by alleviating the shortage of homes for sale. We should see more balance between buyer demand and seller supply in the year ahead, which is a good thing for the overall health of Rhode Island’s housing market. We’re anticipating that both buyers and sellers will benefit by the changes occurring now.”
Sales of multifamily homes for the third quarter increased 15.5 percent year over year to 558. The median price rose 13.7 percent to $250,000. Distressed sales accounted for 26 sales in the quarter, compared with 49 sales in the third quarter of 2017.
“In a strong economy, people put their money into investments that make sense. With rising rents and interest rates starting to creep up, rental units are a prime target for savvy investors. In fact, the monthly median price (of multifamily properties) has increased by double-digit amounts for 16 of the last 17 months and sales have increased for 20 of the past 21 months,” said Luca.
The number of condominium sales in Rhode Island increased by 32 year over year to 641 in the third quarter. The median price of a condo declined 4.2 percent in that time to $215,000. The average days on market for a Rhode Island condo also decreased to 54 days from 64. Distressed sales of condos for the quarter totaled 11, compared with 26 sales the year prior.
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
