State up 18.1 percent; Providence County up 44.6 percent.
BOSTON, December 7, 2015 – Rhode Island single-family home sales grew by a double-digit increase for the sixth straight month, notching 854 sales in October, an 18.1 percent rise from the 721 in the same month in 2014, according to a new report by The Warren Group, publisher of Banker & Tradesman.
The increase was almost entirely buoyed by Providence County, which saw a 44.6 percent increase in sales year over year from last October. Rhode Island’s other four counties combined saw a 2.2 percent decrease in sales year over year. Condo sales followed a similar track; Providence County condo sales rose 43.1 percent, while the rest of the state saw a 1.5 percent decrease.
Cities like Cumberland (180 percent), North Providence (111.1 percent), Johnston (83.3 percent), East Providence (48.6 percent), Cranston (31.8 percent) and Providence (31.4 percent) all saw significant increases in single-family sales year over year.
“Providence County has over 60% of the state’s population and also the least expensive homes. This makes it attractive to new families, first time homeowners and empty-nesters who are downsizing,” said Tim Warren Jr., CEO of The Warren Group. “When we see sales rise consistently and median prices remain flat, we can assume that affordability is a big factor in many home buying decisions.”
Providence County has the lowest median sales price in the state; October’s median was $191,250, and the median year to date has been $192,250.
Year to date, there have been 7,435 single-family sales in Rhode Island, a 16.6 increase over last year’s mark of 6,378 sales through the first 10 months of the year. Each county has seen sales grow in 2015.
The median sales price for a single-family home was $222,750, a .6 percent decrease from October 2014’s median of $224,000. Year to date, the median price has been $225,000, a 2.8 percent increase from the median through the first 10 months of 2014 of $218,900.
There were 140 condos sold in October, a 17.6 percent increase from October 2014’s 118 sales. The median sales price was $197,000, a 4 percent increase from last October’s median of $189,375. Year to date there have been 1,225 condos sold in Rhode Island, a 13.7 percent increase over last year’s 1,073 sales through 10 months. The median condo sales price in 2015 has been $195,000, a 2.1 percent increase from last year’s median though October of $190,000.