RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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Sales of All Properties Types Spike in JanuaryWarwick, RI, February 28, 2017 -- January sales statistics released today by the Rhode Island Association of Realtors show a strong surge in closing activity at the beginning of the year. Single-family home sales rose 21 percent compared to January of 2016. The median sales price of those sales was $225,000, $1500 less than the prior year. Realtor data also portrays a continuously shrinking inventory of homes for sale with 13.2 percent fewer homes on the market this January than in January of 2016. Pending sales, which foretell closing activity in the months ahead, fell for the second consecutive month. “We’re just on the heels of the spring market which is when we typically see more homes going up for sale. Right now demand is outstripping supply so if homeowners have been thinking of selling, they should know that in most areas, market conditions are clearly in their favor. There’s no telling how long the combination of pent-up demand and low interest rates will last,” said Brenda Marchwicki, president of the Rhode Island Association of Realtors. Condominium sales were also robust in January, rising 31.3 percent from 12 months earlier. The median sales price increased 1.6 percent and the supply of condominiums for sale remained stable, rising .26 percent. Pending sales also remained relatively flat, falling just .45 percent year-over-year. In keeping with the other sectors of the market, the number of multifamily home sales rose 20 percent in January from January of 2016. This sector also saw the largest gain in median sales price of all property types with an increase of 20.8 percent. Both listings and sales under contract were down from 12 months earlier however, a sign that sales of multifamily properties could abate in the months ahead.
Months Supply: Click here for interactive display
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About the Rhode Island Association of REALTORS®The Rhode Island Association of REALTORS®, one of the largest trade organizations in Rhode Island with more than 5,000 members in nearly 1,000 offices, has been serving Rhode Islanders since 1948. Advocating for Rhode Island's property owners, the Rhode Island Association of REALTORS® provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property. Last year, RI Realtors transacted $6.9 billion in residential real estate sales and $7.1 billion in total sales and rentals including commercial transactions. The Association is one of more than 1,500 boards and associations that comprise the National Association of REALTORS® (NAR). The National Association of Realtors®, “The Voice for Real Estate,” is America's largest trade association, representing over 1.5 million members involved in all aspects of the residential and commercial real estate industries and who subscribe to a strict Code of Ethics. REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics. |
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