BOSTON, March 11, 2016 – Rhode Island’s real estate market continued to increase with January closings of 545 single-family home sales, a 17.2 percent increase from 2015’s mark of 465. It was the strongest January for single-family sales since 2005. Median sale prices also rose in January to $217,000, up 8.5 percent from last year’s median in January of $200,000, according to a report from The Warren Group.
“After flat sales in 2014, sales of single-family homes in Rhode Island have taken off. The gain in sales volume in 2015 was 17.6 percent so January’s strong sales figures are right in line with last year,” said Timothy Warren Jr., CEO of The Warren Group. “I attribute the improved performance to pent-up demand and prices that are still well below their peak of $275,000 in 2007. An improved economy and good news on employment has consumers revved up and ready to shop.”
Condominium sales also increased in January. The 97 condo sales represented a 14.1 percent increase over the 85 condo sales in January 2015. Median sales prices for condos dropped 16.1 percent to $174,000, down from $207,500 a year ago.