BOSTON, Dec. 8, 2014 – October sales of single-family homes increased in Rhode Island by 3.2 percent, marking the fifth time sales have increased year-over-year in 2014, according to the latest report by The Warren Group, publisher of Banker & Tradesman and The Commercial Record.
A total of 721 single-family homes sold compared with 699 in October 2013. This marked the highest number of sales for the month of October since 2009 when there were 808 homes sold. Year-to-date, sales decreased by less than half a percentage point, falling to 6,370 transactions compared with 6,393 during the same period a year ago.
In October, median prices of single-family homes rose by 4.2 percent to $224,000 compared with $215,000 in October 2013. Year-to-date, median prices were up, climbing 1.8 percent to $218,825 compared with $215,000 during the same timeframe last year.
“The increase in single-family home sales in October is a good sign that the real estate market in Rhode Island is slowing moving upwards,” said Timothy M. Warren Jr. of The Warren Group. “Median prices of homes increased modestly, confirming the good market trend.”
A total of 118 condominiums sold in October, up 1.7 percent from 116 a year earlier. Year-to-date, condo sales statewide were down almost 9.0 percent with 1,071 condos sold compared with 1,176 during the same period last year.
The median selling price of condominiums fell 10.7 percent to $189,638 compared with $212,250 during the same month last year. Year-to-date, the median price of condos decreased by 7.1 percent to $190,000 compared with $204,500 during the same timeframe last year.
The Warren Group offers a range of real estate products, information services and printed publications, including the weekly newspapers Banker & Tradesman and The Commercial Record. The company also presents and organizes trade shows and events for a variety of industries, including bankers, mortgage brokers, credit unions and lawyers. Based in Boston, the company was established in 1872 and is now in its fourth generation of family ownership and management. For more information about The Warren Group, visit www.thewarrengroup.com.