Property Prices Climb in August While Inventory Remains Tight
Warwick, RI – September 20, 2017… According to statistics released by the Rhode Island Association of Realtors, Rhode Island’s single-family home sales rose four percent in August and the median price of those sales increased 6.1 percent to $260,000. Data from the State-Wide Multiple Listing Service, an association subsidiary, indicates that the inventory of homes for sale declined 14.4 percent compared to August 2016, continuing an 18-month trend of diminishing year-over-year inventory.
“While sales activity has been up and down following last year’s record-breaking year, prices have been consistently on the rise. The year-over-year median sales price has risen every month since February, hitting levels that we haven’t seen since 2007,” said Brenda L. Marchwicki, President of the Rhode Island Association of Realtors.
The median price reflects the mid-point of all sales, where half of the sales sold for less and half sold for more.
The condo market also fared well in August with sales up 11.4 percent compared to 12 months earlier. The median price of condos sold last month rose 10.1 percent from a year earlier while inventory decreased 5.9 percent.
The multifamily home sector experienced an increase in August sales of 6.8 percent accompanied by a rise in median price of 11.3 percent. Like the single-family home and condominium markets, the supply of multifamily properties for sale decreased, falling 24 percent from August 2016.
There was just over a 4.2-month supply of single-family homes on the market, a 5-month supply of listed condominiums and a 3.7-month inventory of multifamily properties in August. A 6-month supply typically indicates a market balanced between buyers and sellers. All three property types are currently experiencing a sellers’ market.
Months Supply: Click here for interactive display
