RI Realtors Say New Sales Price Record Was Set in May
GoLocalProv Business Team
RI Realtors Say New Sales Price Record Was Set in May
According to RI Realtors, there were 1076 single-family homes sold in May of 2019, topping May of 2018 sales by 11.5 percent while the median sales price of those homes was over $300,000 for the first time.
“The housing market is booming right now. We’re seeing multiple offer situations on a regular basis and though prices are rising, Rhode Island properties are still a tremendous value compared to nearby markets. In Massachusetts, for example, the median price of single-family homes generally runs anywhere from 25-50 percent higher than what we see here. Also, we’re seeing some of the lowest interest rates we’ve seen in a while. Those low rates are really helping to drive sales,” said Dean deTonnancourt, 2019 President of the Rhode Island Association of Realtors.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTAt $300,500, May’s median price represented a 9.3 percent increase over May of 2018.
May Numbers
According to RI Realtors, coastal towns saw the highest gains in appreciation with Middletown, Charlestown, and Narragansett leading the pack with more than a 70 percent gain in median price.
The Realtors also report that May was also a good month for the multifamily home market.
Closing activity rose 6.6 percent from the prior year while median sales price rose 10.9 percent to $267,375. Supply remains low at just over four months with no end in sight as the number of listings on the market continues to drop.
The multifamily market had 15.7 percent fewer listings last month than it did in May 2018.
Condo sales followed suit with other sectors of the market.
Both closing activity and median price rose approximately five percent in May.
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