April another strong month for home sales in R.I.

APRIL BROUGHT WARMER WEATHER and continued year-over-year increases in single-family home sales and prices, according to the Rhode Island Association of Realtors. Multi-family and condominium prices both increased, while sales grew only for condos. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS
APRIL BROUGHT WARMER WEATHER and continued year-over-year increases in single-family home sales and prices, according to the Rhode Island Association of Realtors. Multi-family and condominium prices both increased, while sales grew only for condos. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS

WARWICK – Sales of single-family homes continued a yearlong rise in Rhode Island, growing 34.7 percent in April when compared with April 2015, according to data released Friday by the Rhode Island Association of Realtors.

The median sale price rose 21.4 percent to $241,000 in April. Sales volume increased to 858 units. The only hint of a slowdown came in the pending sales column, in which houses under contract in April increased 2.5 percent from last year, compared with a 16.1 percent increase in March.

In other data, the average length of the selling process continues to shrink. The average days on market was 84 for April closings, compared with 94 in March. In a statement, Arthur Yasko, president of the association, characterized the market as “hyperactive.”

“There are a number of factors that could affect how long it will last,” he said. “Rhode Island currently has a five-month supply of homes for sale, which, while slightly favoring sellers, remains nearly balanced between supply and demand,” he said. “That could easily change however, depending on inventory, interest rates and even with the upcoming elections.”

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In other segments of the housing market, condominium sales rose 18.5 percent to 154 closings in April. The median sale price rose 9.7 percent to $196,950.

Multi-family sales fell 13.7 percent to 107 closings. The median price for the structures rose 9.9 percent to $180,000.

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