Home Sales Up in January and Prices Dip Slightly, Say RI Realtors

GoLocalProv Business Team

Home Sales Up in January and Prices Dip Slightly, Say RI Realtors

New data from the RI Association of Realtors shows that the January, 2017 sales for single-family home sales rose 21 percent compared to January of 2016. The median sales price of those sales decreased to $225,000, an average drop of $1500 per home.

RI Realtor data showed that there was a 13.2 percent decrease inthe number of homes year over year. 

“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.

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Condo Sales Up

Condominium sales also increased — 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.


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