2015 sales jump 17.6 percent overall
Boston, February 11 – Rhode Island saw another big month for single-family home sales in December, recording 852, a 24.7 percent increase from the 683 in December 2014, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Overall in 2015 there were 8,970 single-family home sales, a 17.6 percent increase over the 7,626 sales in 2014. Starting in May, the state saw eight straight months of double-digit, year-over-year sales increases.
The median sales price for a single-family home in December was $225,000, a 9.8 percent increase over the December 2014 median of $205,000. The overall median price in 2015 was $224,900, a 3.6 percent increase over 2014’s median of $217,000.
“The weather played a major part in delaying the market early in the year,” said Tim Warren, Jr., CEO of The Warren Group. “But sales volume from May forward has been booming. With median prices still 18 percent below their peak pricing in 2006 and interest rates still low, buyers are finding affordable homes and snapping them up. Improved employment statistics fuels their confidence to seize the opportunity.”
There were 107 condo sales in December, a 9.3 percent decrease from the 118 sales in December 2014. Overall there were 1,436 condos sold in Rhode Island in 2015, a 12.3 percent increase from the 1,279 sold in 2014.
The median price for a condo in December was $165,000, a 3.1 percent increase from the December 2014 median of $160,000. Overall in 2015 the median sales price for a condo was $192,500, a 1.9 percent increase from 2014’s median of $189,000.