Rhode Island’s 2015 Home Sales Activity Highest in More Than a Decade

WARWICK, RI – Rhode Island’s housing market saw the largest volume of single family homes sold last year since 2004, with 9782 sales, and the highest median sales price since 2008. Year-over-year sales activity rose 10 percent and median price increased five percent from 2014, to $225,000. The data, pulled from all Realtor-assisted sales, was recently released by the Rhode Island Association of Realtors and its subsidiary, the State-Wide Multiple Listing Service.

“We’re seeing cautious growth in the market again. It’s not the same type of frenzy that caused Rhode Island to lead the country in double digit appreciation a decade ago. Instead, we’re seeing more moderate, steady gains. Last year was a ‘win-win’ for just about everyone. Sellers benefitted from more activity and increased prices. Buyers on the other hand, were able to tap into continued low interest rates, and unlike most other areas of the country, a decent supply of homes to choose from,” said Arthur Yatsko, president of the Rhode Island Association of Realtors. Sales in many areas across the nation have been stunted by a lack of inventory, a problem which has not significantly affected Rhode Island’s housing market.

The upward trends seen among single family home sales carried over to other sectors of the market as well. There was a six percent increase in activity among condominium sales compared to 2014 and a three percent increase in median price. The multi-family home market experienced the largest gains last year with a 14 percent gain in sales activity and 15 percent appreciation in median price from the previous year.

Read full article and see accompanying statistics on www.riliving.com/pressreleases/archives/2016/january/2016-01-27.asp

About the Rhode Island Association of REALTORS®

The Rhode Island Association of REALTORS®, one of the largest trade organization in Rhode Island with approximately 4,400 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 1,400 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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