Condominium sales in the state set a first quarter record, and prices rose to their highest level in 12 years, according to the Rhode Island Association of REALTORS, Inc.
According to the association, its State-Wide Multiple Listing Services (MLS) subsidiary reported resale activity rose 2.3 percent to 226 units in the first quarter of 2001, compared to 221 sales during the same period last year. The MLS also reported the highest number of first quarter sales since 1986, when condominium sales were first separated from single-family homes and became a distinct real estate sales category of their own.
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The median sale price of a condominium in the most recently completed quarter was $105,450, the association said. The median price during the year-ago period was $95,900.
The median price for a condominium is some $35,000 less than that of a single-family home. The first quarter 2001 median sale price of a single-family home was $141,000, based on 1,641 sales, up from a median sale price of $127,950 on 1,698 similar sales during the year-ago period, the association said.
