RI Single-Family Home Inventory Up 10% in March, Says Realtors
GoLocalProv Business Team
RI Single-Family Home Inventory Up 10% in March, Says Realtors
The data shows 3,026 listings on the market compared with 2,750 in March of 2018. That number translates to a 3.5-month supply of homes for sale, up from the 2.9-month supply seen in March of 2018.
“Last year, home ownership was out of reach for many home buyers as the inventory shortage, rising home prices and increasing mortgage rates created significant barriers. As supply increases and rates stabilize, we are starting to see tempered price appreciation. However, we don’t anticipate a significant drop in prices like those seen a decade ago, as we don’t have the questionable lending practices that we had at that time,” said Dean deTonnancourt, President of the Rhode Island Association of Realtors.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTClosing activity increased 2.7 percent last month after falling below 2018 levels for the past three months.
At $265,000, Rhode Island’s median sales price remained identical to that seen a year earlier for the past two months.
Inventory Increase
According to the RI Association of Realtors, the supply of condominiums available for sale also increased, rising 12.6 percent from a year ago.
The increase was helped by a 12.7 percent decline in the number of closings compared to the prior year.
The median price of condominium sales also increased 13.5 percent from a year earlier to $228,500.
However, multifamily home inventory became even more constrained, falling to a 2.6-month supply from a 2.9-month supply in March of 2018.
“Multifamily properties continue to be a great investment even as single-family homes become more accessible to first-time buyers. Rising rents and low-interest rates make rental units a prime target for savvy investors,” said deTonnancourt.
Sales fell 5.4 percent while the median price increased by 13.7 percent to $256,000.
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