PROVIDENCE – Rhode Island single-family homes sale prices continued to increase in April while both condominium and multi-family home sales experienced median sale price decline year over year.
The median single-family home price rose to $269,450 last month from $245,500 in April 2017 while listing availability declined from 3,569 to 3,190, according to The Rhode Island Association of Realtors Inc. Friday.
Meanwhile, the number of single-family home sales for the month declined year over year to 750 sales, compared with 823 in April 2017. Houses moved faster as well, with the average number of days on market for a single-family home declining from 67 days to 58 days.
“There’s no doubt that the lack of inventory is hindering sales but thankfully, the supply of homes on the market has been rising since the beginning of the year, as we expected it would. Unfortunately, we’re not where we need to be yet but we’re heading in the right direction,” Joe Luca, 2018 president of the Rhode Island Association of Realtors, said in a statement.
The average price of a Rhode Island condominium was $206,875 in April, a decline of 11.93 percent from the $234,900 in April 2017. The number of condo listings has been rising steadily this year and sales activity has increased 25 percent year over year. There were 188 condo sales in April compared with 151 one year prior.
The multifamily home market experienced an upward trend in both median price and sales activity in April. The supply of multifamily properties rose seven percent year over year to 164 sales. The average sale price was $229,500, a 19.2 percent increase year over year.
“The lack of competition in most of the marketplace is creating bidding wars and the resulting rise in prices is impacting affordability for many ‘would-be’ buyers. People still believe in the dream of home ownership but achieving the reality is becoming more difficult. Student loan debt, new construction and more programs for first-time buyers are all things that we need to be looking at if we hope to help the market get back into balance,” Luca said.
Haley Hunt is a PBN contributing writer.