Median Sale Price Gains 6.8 Percent
BOSTON, January 10, 2017 – Single-family home sales in the Ocean State rose 29.4 percent in November, the 19th consecutive month of positive year over year sales growth, according to a new report from The Warren Group.
A total of 910 single-family homes were sold in Rhode Island in November, compared with 703 in November 2015. This is the highest November total recorded in 12 years. Year to date 9,915 homes have sold compared with 8,119 during the same period last year, a 22.1 increase in sales.
The median sale price of a single-family home in Rhode Island was $235,000 in November, compared with $220,000 in the same time last year, an increase of 6.8 percent. Year to date, prices rose by 4.2 percent to $234,000, compared with $224,500 during the same period last year.
“Sales in Rhode Island continue their strong run” said Timothy Warren, CEO of The Warren Group. “The recovery of the Rhode Island real estate market for the past two years has been extraordinary, surpassing the gains seen in the neighboring states of Connecticut and Massachusetts.”
Condominium sales in November racked up 157 transactions compared with 108 in November 2015, a 45.4 percent increase. This marks the 11th consecutive month of positive year over year sales growth. Year to date, sales of condos are up 23.5 percent, with 1,642 sold through November 2016 compared to 1,329 in the same period last year.
Condo prices rose 15.8 percent, with a median selling price of $220,000 compared with $189,950 in November 2015. Year to date, the median price of a condo decreased 0.5 percent to $194,000 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.