BOSTON, February 10, 2015 – December sales of single-family homes increased in Rhode Island by 10.5 percent, marking the sixth 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 683 single-family homes sold compared with 618 in December 2013. This marked the highest number of sales for the month of December since 2006 when there were 711 homes sold. Year-to-date, sales decreased by less than half a percentage point, falling to 7,626 transactions compared with 7,648 during the same period a year ago.
In December, median prices of single-family homes fell by 2.4 percent to $205,000 compared with $210,000 in December 2013. Year-to-date, median prices were up slightly, climbing almost 1 percent to $217,000 compared with $215,000 during the same timeframe last year.
“A double digit increase in single-family home sales is a great way to end the year for Rhode Island, whose housing market saw more lows than highs in 2014,” said Timothy M. Warren Jr. of The Warren Group. “Median prices remained up for the year, which is a good indication that the market should start off the year on a good note.”
A total of 118 condominiums sold in December, up almost 1 percent from 117 a year earlier. Year-to-date, condo sales statewide were down almost 8.6 percent with 1,279 condos sold compared with 1,399 during the same period last year.
The median selling price of condominiums fell 18.0 percent to $160,000 compared with $195,000 during the same month last year. Year-to-date, the median price of condos decreased by 7.8 percent to $189,000 compared with $205,000 during the same timeframe last year.