Housing Inventory Continues to Grow at End of Year
Warwick, RI -- January 28, 2019 – Sales of single-family homes dropped year-over-year in December, falling 15.6 percent from 12 months earlier according to the latest sales statistics from the Rhode Island Association of Realtors. Market inventory rose 8.3 percent while the median sales price increased to $265,000, a 3.9 percent increase from the median price of December 2017.
Rhode Island followed national trends last month as indicated by data recently released by the National Association of Realtors. Across the country, December sales of single-family homes, condominium and townhomes fell 10.3 percent while the median sales price rose 2.9 percent from a year earlier.
“The increase in supply of properties for sale is timely, as we will soon be entering the spring market. Hopefully the inventory constraints that we have witnessed in the housing market in recent years will continue to subside,” commented Dean deTonnancourt, 2019 President of the Rhode Island Association of Realtors.
Sales activity remained the same in Rhode Island’s condominium market with 160 condos sold in both December 2017 and 2018. Inventory increased year-over-year by 12.6 percent, though the median sales price of December decreased by 6.7 percent.
One hundred and seventy (170) multifamily properties sold last month compared to 197 in December 2017 which facilitated a growth in inventory of 19.1 percent. The median sales price of multifamily home sales rose 15.3 percent from a year earlier.
“The decrease in sales could be caused by low inventory, adjusting interest rates, tax reform influence, or some combination of the three. The government shutdown which began within the last 10 days of the year could have also had a small impact, “ said deTonnancourt.
Fourth quarter and year-end sales data for 2018 will be released by RI Realtors on January 31.
Months Supply: Click here for interactive display
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.