Median Sale Price Reaches Third Highest Total of The Year

BOSTON, October 12, 2016 – Rhode Island single-family home sales rose 16.2 percent in August, the 16th consecutive month of positive year over year sales growth, according to a new report from The Warren Group.

A total of 1,081 single-family homes were sold in August, compared with 930 in August 2015. This marks the first time since 2005 the state has had three consecutive months of at least 1,000 homes sold. Year to date 7,005 homes have sold compared with 5,702 during the same period last year, a 22.8 increase.

The median sale price of a single-family home in Rhode Island was $239,900 in August, compared with $236,750 in August 2015, an increase of 1.3 percent. This marks the third highest median sale price of 2016. Year to date, prices rose by 4.4 percent to $235,000, compared with $225,000 during the same period last year.

“Sales in Rhode Island have seen a strong resurgence,” said Timothy Warren, CEO of The Warren Group. “Interest rates in the market remain low while jobs and the economy continue to give consumers the confidence they need to make a home purchase.”

Condominium sales in August sold to the tune of 161 transactions compared with 151 in August 2015, a 6.6 percent increase. This marks the eighth consecutive month of positive year over year sales growth. Year to date, sales of condos are up 22.7 percent, with 1,152 sold through August 2016 compared to 939 in the same period last year.

Condo prices rose 0.6 percent, with a median selling price of $197,250 compared with $196,025 in August 2015. This marks only the third time in 2016 median sale prices have seen a year over year increase. Year to date, the median price of a condo decreased 4.3 percent to $190,500 from $199,000 at the same time last year.

Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, industry news coverage, networking, and education opportunities.  Based in Boston, the company was established in 1872 and is now in its fourth generation of family ownership and management. It is the publisher of Banker & Tradesman (Massachusetts), The Commercial Record (Connecticut), Registry Review (New Hampshire) and the architect of  leading events and conferences for banking, legal, and real estate professionals across New England. For more information visit www.thewarrengroup.com.