BOSTON, March 9, 2015 – January sales of single-family homes increased in Rhode Island by 4 percent, marking the second consecutive month of increased sales year-over-year, according to the latest report by The Warren Group, publisher of Banker & Tradesman and The Commercial Record.
A total of 464 single-family homes sold compared with 446 in January 2014. This marked the highest number of sales for the month of January since 2007 when there were 544 homes sold.
In January, median prices of single-family homes gained almost 2 percent, climbing to $201,450 compared with $198,250 in January 2014. This was the seventh time sales have increased in the last 15 months.
“Rhode Island sales of homes and condos continue to gain momentum as the 2015 real estate market gets underway,” said Timothy M. Warren Jr. of The Warren Group. “Median prices are climbing at a slow and steady pace which tells us that buyers and sellers are out looking and are ready to make deals.”
A total of 86 condominiums sold in January, up 7.5 percent from 80 a year earlier. This was the highest number of sales for the month of January since 2008 when there were 125 condos sold.
The median selling price of condominiums fell 9.6 percent to $207,500 compared with $229,500 during the same month last year.