PROVIDENCE – Rhode Island single-family home sales decreased 4.7 percent year over year in March, The Warren Group announced Wednesday. This marks the second consecutive month of a year-over-year decline. A total of 717 single-family homes were sold in March, compared with 752 a year ago. Year to date, single-family home sales increased 4 percent to 1,958.
While sales declined, the median sale price of a single-family home in Rhode Island increased 0.6 percent year over year to $227,000 in March, marking 17 consecutive months of year-over-year growth in sale prices.
“Although single-family home sales are down, that is due to the high bar set by last year. This year’s number is now the second highest since 2006,” said Timothy Warren, CEO of The Warren Group. “The spring housing market looks promising for Rhode Island, especially considering the trajectory of condo sales, which are at their highest level post-recession.”
Condominium sales in March increased 40.9 percent year over year to 155. This continues the trend to 15 months of consecutive year-over-year sales growth. Through the first quarter, condo sales in the Ocean State have grown 31 percent. The median condo sales price increased 16.9 percent year over year to $189,900 in March 2017. The Warren Group notes that this is the first year-over-year condo-price increase in March in three years.
The Warren Group also released county-specific single-family home and condominium statistics for Rhode Island in March.
March 2017 county-specific statistics for March:
- Bristol: Single-family home sales totaled 30 in March, a year-over-year drop of 31.8 percent.
- Bristol: Condominium sales increased to nine from three a year earlier.
- Kent: Single-family home sales increased 7.9 percent to 177.
- Kent: Condo sales increased 24 percent to 31.
- Newport: Single-family home sales increased 5.9 percent to 72.
- Newport: Condo sales totaled 19 compared with 13 a year earlier.
- Providence: Single-family home sales decreased 8.1 percent year over year to 339.
- Providence: Condo sales increased 29.1 percent to 71 in March.
- Washington: Single-family home sales decreased 7.5 percent year over year to 99.
- Washington: Condo sales increased to 25 from 14 a year earlier.
The Warren Group, based in Boston, provides real estate and financial data about New England.
Chris Bergenheim is the PBN web editor.
