BOSTON, April 7, 2016 – Rhode Island single-family home sales shot up 36.8 percent in February, making it the best February in the last decade, according to a new report from The Warren Group.
A total of 569 single-family homes were sold in February compared with 416 in February 2015. Year to date, sales increased by 26.5 percent with 1,114 homes sold compared with 881 during the same period last year.
“After a lackluster year in 2014, the Rhode Island housing market has gained significant ground last year and the beginning of this year,” said Timothy Warren Jr., CEO of The Warren Group. “Low interest rates, an improving economy and pent-up demand are all contributing factors to this recovery. Prices remain below the peak of 2007, and buyers are snapping up deals as they become available.”
The median sales price of single-family homes in Rhode Island was $205,000 in February compared with $189,500 in February 2015, an increase of 8.2 percent. Year to date, prices rose by 7.7 percent to $209,950 compared with $195,000 during the same period last year.
Condo sales rose in February with a total of 92 transactions completed compared with 62 in February 2015, a 48.4 percent increase. Year to date sales of condos are up 28.6 percent, with 189 sales through the first two months compared to 147 in the same period last year.
Condo prices fell 5.9 percent in February, posting a median selling price of $175,000 compared with $185,950 in February 2015. Year to date, the median price of a condo decreased 12.5 percent to $175,000 from $200,000 through the first two months of 2015.
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.