Most Number of Homes Sold in a Single Month in Over a Decade
BOSTON, September 13, 2016 – Rhode Island single-family home sales rose 8.9 percent in July, which marks the 15th consecutive month of positive year over year sales growth, according to a new report from The Warren Group.
The median sale price of a single-family home in Rhode Island was $245,000 in July, compared with $235,000 in July 2015, an increase of 4.3 percent. This is the highest median sale price recorded in 2016 and the highest since June 2008. This is also the 9th straight month of year-over-year percentage increases in price. Year to date, prices rose by 8.4 percent to $233,000, compared with $199,000 during the same period last year.
A total of 1,143 single-family homes were sold in July, compared with 1,049 in July 2015. We haven’t seen sales reach this volume since July 2005, when 1,066 homes were sold. Year to date 5,924 homes have sold compared with 4,772 during the same period last year, yielding a 24.1 increase in sales.
“Sales have seen quite a surge this summer,” said Cassidy Murphy, editorial director of The Warren Group. “Buyers are taking full advantage of good inventory levels and record low interest rates.”
Condominium sales rose in July with a total of 192 transactions completed compared with 160 in July 2015, a 20.0 percent increase. This marks the 7th consecutive month of positive year over year sales growth. Year to date, sales of condos are up 25.8 percent, with 991 sold through July 2016 compared to 788 in the same period last year.
Condo prices rose 8.1 percent, posting a median selling price of $199,900 compared with $184,950 in July 2015. This is only the second time in 2016 median sale prices have seen an increase. Year to date, the median price of a condo decreased 4.5 percent to $190,000 from $199,000 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