Median Sale Prices Maintain Healthy

BOSTON, December 13, 2016 – Rhode Island single-family home sales rose 12.2 percent in October, the 18th consecutive month of positive year over year sales growth, according to a new report from The Warren Group.

A total of 947 single-family homes were sold in the Ocean State in October, compared with 844 in October 2015. The October total is the highest of any October since 2004. Year to date 9,005 homes have sold compared with 7,416 during the same period last year, a 21.4 increase in sales.

The median sale price of a single-family home in Rhode Island was $230,000 in October, compared with $225,000 in the same time last year, an increase of 3.5 percent. Year to date, prices rose by 3.9 percent to $233,750, compared with $225,000 during the same period last year.

“Sales in Rhode Island have been consistently strong all year” said Timothy Warren, CEO of The Warren Group. “We find that Rhode Island endured a bigger crash in its real estate market than did the neighboring states of Massachusetts and Connecticut. But this year it has outperformed both neighbors”.

Condominium sales in October sold to the tune of 151 transactions compared with 136 in October 2015, an 11.0 percent increase. This marks the 10th consecutive month of positive year over year sales growth. Year to date, sales of condos are up 22.6 percent, with 1,485 sold through October 2016 compared to 1,221 in the same period last year.

Condo prices rose 7.1 percent, with a median selling price of $211,000 compared with $197,000 in October 2015. Year to date, the median price of a condo decreased 2.5 percent to $190,000 from $195,000 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 publisher of Banker & Tradesman, The Commercial Record and Registry Review and architect behind some of the leading events and conferences for banking, legal, and real estate professionals in all of New England. For more information visit www.thewarrengroup.com.