Single-family sales price rose 12% in June in R.I.

Sales of single-family homes in June rose dramatically in Rhode Island on a year-over year basis. /COURTESY THE RHODE ISLAND ASSOCIATION OF REALTORS
Sales of single-family homes in June rose dramatically in Rhode Island on a year-over year basis. /COURTESY THE RHODE ISLAND ASSOCIATION OF REALTORS

WARWICK – High demand for single-family houses and a low supply of listings are fueling this year’s price and sale escalation, according to the Rhode Island Association of Realtors.

Its latest numbers, for June sales, reveal the median sales price for a single-family home rose 12.2 percent from June 2016, while sales volume increased 10.2 percent.

The median price is now $275,000, the highest monthly median in Rhode Island recorded since September 2007.

The inventory of active listings was 3,888 in June, the lowest June number since 2004, according to Brenda L. Marchwicki, the association’s president. Just over a four-month supply is available for sale, about two months less than a “balanced” market with enough houses to satisfy demand.

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Condominium sales also increased in June, by 5.6 percent on a year-over-year basis, while the median sales price rose to $212,500, a gain of 2.2 percent. The supply of condos fell 11 percent compared with last year.

The multifamily market had sales volume that rose nearly 30 percent, with the median price increasing 13.5 percent. The number of multifamily properties was 22 percent lower in June than it was last year same month. The median price for a multifamily structure is now $210,000.

The multi-family home market saw the largest gains in June, with sales rising 29.9 percent and an increase in median sales price of 13.5 percent to $210,000. The number of multi-family properties for sale was 22.3 percent lower than in June 2016.

“Last year was a record-breaking year for sales. And this year, the momentum has kept going. Homes are being sold almost as soon as they hit the market. Buyers need to be prepared to act quickly, especially at the lower price levels,” Marchwicki said.

Mary MacDonald is a PBN staff writer. Contact her at macdonald@pbn.com. Follow on Twitter @MaryF_MacDonald.

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