WARWICK – The sale of single-family houses fell 4.1 percent in April, while the median price rose slightly, to $245,500, according to the Rhode Island Association of Realtors.
The weakening sales were a byproduct of reduced inventory, particularly of small starter homes, according to information provided by Brenda L. Marchwicki, president of the association.
Investors, meanwhile, moved in, in force.
The multifamily market, which is dominated by investor purchases, rose by 43 percent in sales volume, to 153 units sold.
The median price rose 6.9 percent, to $192,500, compared to April 2016.
It’s a good sign, Marchwicki said in a prepared statement. “When investors are participating in the market, that’s a good sign that consumer confidence is high and there are still good deals out there. The trick is being able to act quickly and competitively when spotting a hot property,” she said.
In the condominium market, sales activity fell by 1.9 percent, to 151 closings. The median price rose by 19.3 percent, to $234,900.
Mary MacDonald is a PBN staff writer.
