BOSTON, November 5, 2015 – Rhode Island’s hot real estate market continued with September closings of 879 single-family home sales, a 20.2 percent increase from 2014’s mark of 731. It was the strongest September for single-family sales since 2005, according to a report from The Warren Group, publisher of Banker & Tradesman.
Median sales prices also rose in September to $225,000, up 4.6 percent from last year’s median in September of $215,000. Year to date, single family home sales have risen 16.4 percent, with 6,581 through the first nine months of the year. Last year there were 5,655 single family home sales through September. Median prices year to date have risen 3.2 percent to rest at $225,000, up from $218,000 through the same period last year.
“Rhode Island’s real estate market has been strong throughout the year,” said Timothy Warren Jr., CEO of The Warren Group. “We have seen four straight months of 20 percent or better year-over-year increases. Pent up demand and stronger economic footing has buyers rushing to take advantage of pirces that are still well below the peaks seen in 2006. Low but sure-to-rise interest rates are providing further stimulous to act now.”
Condos have also had a very strong summer in the Ocean State, and September was no different. The 146 condo sales represented a 40.4 percent increase over the 104 condo sales in September 2014. Median sales prices dropped for condos 18.6 percent to $179,000, down from $220,000 a year ago.
Year to date, there have been 1,085 condos sold in Rhode Island, a 13.7 percent increase over last year’s mark of 954 through nine months. Median prices in 2015 have climbed 2.1 percent to $195,000 through the first nine months, compared to a median price of $190,950 through September 2014.