Rhode Island Pending Contracts Indicate Strong Housing Market This Summer
RISBJ Staff | Jun 30, 2015
Warwick, RI – The Rhode Island Association of Realtors released sales data today which showed that single family home sales climbed upward in May, with the number of sales rising six percent from 12 months earlier. The median sales price increased nine percent to $227,500. Perhaps the most telling statistic was pending sales, which rose 13 percent from the prior year. With 1755 Rhode Island homes under contract, the May data showed the highest number of pending contracts since record keeping began in 2005. The significant number of homes under contract is an indication that the housing market should gain significant momentum during the summer months.
“Continued low interest rates and an improving economic outlook have lured buyers back into the market. We don’t have winners and losers at this stage in the game. We’re seeing favorable conditions for both buyers and sellers,” commented Bruce Lane, President of the Rhode Island Association of Realtors. Lane further explained that the number of single family homes on the market decreased slightly from a year ago and that decrease, along with increased sales, created a housing market equally balanced between seller supply and buyer demand.
A 33 percent decrease in the number of single family home foreclosure and short sales was further evidence of the return to a healthier housing market. Distressed sales accounted for less than one in eight sales last month.
In other categories, condominium sales also saw positive growth after months of fluctuating progress. The number of Rhode Island’s condo sales increased five percent in May and median price rose 11 percent to $221,000. Conversely, after significant gains in March and April, activity in the multi-family home market dropped off by 19 percent. The median price of those sales however, increased three percent.
“Buyers are regaining the confidence they need to invest in their future, so we’re telling our clients, if you price it right, it will sell,” said Lane.
About the Rhode Island Association of REALTORS®
The Rhode Island Association of REALTORS®, one of the largest trade organization in Rhode Island with approximately 4,000 members in 750 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.
The Association is one of more than 1,437 local 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 1.2 million members involved in all aspects of the residential and commercial real estate industries. 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.
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