BOSTON, July 12, 2016 – Rhode Island single-family home sales rose 22.8 percent in May, marking the 13th consecutive month of positive gains, according to a new report from The Warren Group.
A total of 959 single-family homes were sold in May, compared with 781 in May 2015. Year to date, sales increased by 33.7 percent with 3,641 homes sold compared with 2,723 during the same period last year.
“After a strong recovery in 2015, the Rhode Island housing market is shaping up to be an even stronger selling year in 2016,” said Timothy Warren Jr., CEO of The Warren Group. “Low interest rates and improving economy are all contributing factors. Prices remain below their peak and buyers and buyers are taking full advantage.”
The median sales price of a single-family homes in Rhode Island was $234,900 in May compared with $225,000 in May 2015, an increase of 4.4 percent. Year to date, prices rose by 7.1 percent to $225,000 compared with $210,000 during the same period last year.
Condominium sales rose in May with a total of 164 transactions completed compared with 137 in May 2015, a 19.7 percent increase. Year to date, sales of condos are up 27.8 percent, with 606 sales through May of 2016 compared to 474 at the same period last year.
“Much like the single-family market, the condo market posted a strong increase in May compared to last year,” Warren said. “While the sample size is still modest in 2016, trends are shifting to a condominium market that can accommodate residents of Rhode Island on a greater level.”
Condo prices fell 3.4 percent, posting a median selling price of $192,700 compared with $199,500 in May 2015. Year to date, the median price of a condo decreased 6.0 percent to $184,000 from $196,500 at the same time in 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, including The Bank Summit, coming in November. For more information about The Warren Group, visit www.thewarrengroup.com.