BOSTON, October 6, 2015 – Rhode Island single-family home sales shot up 23.8 percent in August, making it the best Agust for sales since 2005, according to a new from The Warren Group, publisher of Banker & Tradesman.
A total of 929 single-family homes were sold in August compared with 750 in August 2014. Year to date, sales increased by 15.74 percent with 5,699 homes sold compared with 4,924 during the same period last year.
“August’s numbers are the result of a strong, long-lasting spring season and are an improvement over the sluggish start to the year,” said Timothy Warren Jr., CEO of The Warren Group. “A rough winter and pent-up demand turned into a strong spring that is a positive sign for the real estate market throughout the state.”
The median sales price of single-family homes in Rhode Island was $236,500 in August compared with $220,000 in August 2014, an increase of 7.5 percent. Year to date, prices rose by 3.2 percent to $225,000 compared with $218,000 during the same period last year.
Condo sales rose in August with a total of 151 transactions completed compared with 117 in August 2014, a 29.1 percent increase. Year to date sales of condos are up 10.5 percent, with 939 sales through the first eight months compared to 850 in the same period last year.
Condo prices climbed 15.3 percent in August, posting a median selling price of $196,025 compared with $170,000 in August 2014. Year to date, the median price of a condo increased 4.8 percent to $199,000 from $189,500 through the first eight months of 2014.
The Warren Group has recorded and tracked real estate transactions since 1872. The fourth-generation family-owned company uses its long-time leadership in Boston real estate and banking information to produce specialized reports and printed publications, including Banker & Tradesman and The Commercial Record.
With more than 140 years as a local business leader, The Warren Group has developed relationships with a variety of industry leaders and trade groups, including bankers, mortgage brokers, credit unions and lawyers. Working together with our partners, The Warren Group organizes trade shows and industry events, including The Bank Summit, coming in October. For more information about The Warren Group, visit www.thewarrengroup.com.