Updated at 12:54 p.m. to correct the single family homes percentage increase.
WARWICK – Sales of single-family homes rose sharply in May, up 5.9 percent from last year, according to new data released by the Rhode Island Association of Realtors.
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The number of completed transactions reached 1,044. The median sale price was $250,000, a 4.6 percent increase from May 2016.
Listings have continued a steady downward trend, which experts indicate is leading to price inflation. The number of active listings last month fell 14.9 percent, to 3,924. In May 2016, the state had 4,610 single-family listings. In May 2015, Rhode Island had 5,207 homes on the market.
According to the association, May’s single-family median was the second-highest monthly price since July 2008.
“The only thing holding the market back right now is lack of inventory,” said Brenda L. Marchwicki, president of the association, in a statement. “On the flip side, that’s helping sellers, many of whom were unable to move during the recession years because of lost equity. Most homeowners are in a much better financial position to make a move now.”
In the condominium market, sales rose for the fourth consecutive year. The number of closings reached 199 in May, an increase of 12.4 percent from the prior year. The median price rose as well, up 2.6 percent to $205,000. Here, too, listings have fallen. The number of active listings was 861 last month, compared to 923 in May 2016 and 1,009 in May 2015.
Multifamily sales also rose in May, up 19.5 percent to 141 structures. The median price rose 10.6 percent, to $199,000.
This represents the third consecutive month of double-digit growth in the multifamily market, according to Marchwicki.
The listings in this category have fallen month-over-month for the past year, she noted.
“A lack of options to choose from is making it difficult for buyers, particularly at the lower end of the price spectrum,” she said.
Mary MacDonald is a staff writer for PBN.
