R.I. single-family home sales soar in 1Q, break record

THE RHODE ISLAND ASSOCIATION OF REALTORS said single-family home sales soared in the first quarter in Rhode Island, setting a record. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS
THE RHODE ISLAND ASSOCIATION OF REALTORS said single-family home sales soared in the first quarter in Rhode Island, setting a record. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS

PROVIDENCE – With 1,906 single-family home sales in the first quarter, a 15 percent increase compared with the same period last year, Rhode Island experienced its busiest first quarter since 1986, the Rhode Island Association of Realtors said Wednesday.
That was the year the association started keeping track of home sales.
Arthur Yatsko, association president, said even though prices are rising, they’re still affordable, and in many cases, more so than renting.
The median sales price of single family homes rose 12.5 percent to $225,000 in the first quarter.
“I can’t remember the last time that the housing market offered such tremendous benefits on both sides of the transaction. In many towns we’re seeing a bit of a seller’s market because of a diminishing supply of inventory, but buyers are able to capitalize on great rates. There are even new lending programs for buyers who are re-entering the market,” Yatsko said in a statement.

Single-family home sales in Providence rose nearly 40 percent quarter over quarter, to 116 from 83, and the median sales price climbed 17.4 percent to $135,000 from $115,000. The East Side of Providence saw sales jump 68.2 percent, to 37 from 22, and the median sales price increased 6.7 percent, to $425,000 from $398,500.

Multifamily home sales statewide climbed 12.3 percent in the first quarter, to 346 from 308 a year ago. The median price rose 8.3 percent, to $166,250 from $153,500.
Condominium sales also rose 22 percent, to 322 from 264. The median sales price remained relatively flat, a change of less than one percent over last year, to $191,250 from $189,950.

Distressed sales decreased among all property types in the first quarter.

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Median prices ranged from a low of $60,044 for Pawtucket condominium sales to $1,125,500 in Block Island’s single-family home market, the association said.

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