15th Straight Month of Median Sale Price Increases
BOSTON, March 7, 2017 – Single-family home sales in Rhode Island rose 25.4 percent in January, this marks the 21st consecutive month of year-over-year sales growth, according to a new report from The Warren Group.
A total of 692 single-family homes were sold in the Ocean State in January, compared with 552 in January 2016. This marks the highest number of homes sold in January on record (dating back to 2000). The second highest total occurred in 2002 when home sales reached 668.
The median sale price of a single-family home in Rhode Island reached $219,000 in January, compared with $218,600 in the same time last year, an increase of 0.2 percent. Although the gain was small, this marks the 15th consecutive month of growth in year-over-year median sale prices.
“January’s gain in single-family home sales continues a two-year run of robust sales,” said Timothy Warren, CEO of The Warren Group. What is surprising is that increases in median price have been very modest in this period. January’s median price of $219,000 is 19% below the median in January 2007.”
Condominium sales in January totaled 127 sales compared with 97 in January 2016, a 30.9 percent increase. This marks the 13th consecutive month of positive year over year sales growth. Though sales are generally slow in the first month of the year this is the highest January total in a decade when 174 homes were sold in 2007.
Condo prices in January fell by 2.3 percent, with a median selling price of $170,000 compared with $174,000 in January 2016. This marks the first negative year-over-year median sale price in 7 consecutive months.
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