Median Sale Price Rises 2.2 Percent

BOSTON, January 31, 2017 – Single-family home sales in the Ocean State rose 8.3 percent in December, this marks the 20th consecutive month of positive year over year sales growth, according to a new report from The Warren Group.

A total of 927 single-family homes were sold in Rhode Island in December, compared with 856 in December 2015. This is the highest number of homes sold in December on record (dating back to 2000). Year to date 10,842 homes have sold compared with 8,975 during the same period last year, a 20.8 increase in sales.

The median sale price of a single-family home in Rhode Island reached $230,000 in December, compared with $225,000 in the same time last year, an increase of 2.2 percent. Year to date, prices rose by 3.6 percent to $233,000, compared with $224,900 during the same period last year.

“December home sales in Rhode Island continued a banner year” said Timothy Warren, CEO of The Warren Group. “The median sale price rose to $233,000 in 2016. That is still 15 percent below the peak median price in 2006. Historically low prices attracted buyers.”

Condominium sales in December totaled 161 sales compared with 113 in December 2015, a 42.4 percent increase. This marks the 12th consecutive month of positive year over year sales growth. Year to date, sales of condos went up 25.0 percent, with 1,803 sold through December 2016 compared to 1,442 in the same period last year.

Condo prices rose 20.9 percent, with a median selling price of $205,400 compared with $169,900 in December 2015. Year to date, the median price of a condo increased 0.3 percent to $195,000 from $194,450 at the same time last year.

Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, industry news coverage, networking, and education opportunities.  Based in Boston, the company was established in 1872 and is now in its fourth generation of family ownership and management. It is publisher of Banker & Tradesman, The Commercial Record and Registry Review and architect behind some of the leading events and conferences for banking, legal, and real estate professionals in all of New England. For more information visit www.thewarrengroup.com.