R.I. home sales climb 17.2% in January

IN JANUARY, RHODE ISLAND single-family home sales totaled 545 and condominium sales totaled 97, according to The Warren Group. / COURTESY THE WARREN GROUP
IN JANUARY, RHODE ISLAND single-family home sales totaled 545 and condominium sales totaled 97, according to The Warren Group. / COURTESY THE WARREN GROUP

PROVIDENCE – Rhode Island single-family home sales jumped 17.2 percent in January, to 545 from 465 a year ago, marking the strongest January for sales in 11 years, according to The Warren Group.
The Warren Group said median sale prices also rose in January to $217,000, an 8.5 percent increase from last year’s median in January of $200,000.
Providence had 51 single-family home sales in January, a 27.5 percent increase over the year, and an 18.2 percent increase in median price to $159,000.
Providence County had the most sales at 315, a 25 percent increase over the year, while the median price fell 4.1 percent to $361,950.
Bristol County had the fewest sales at 36, still a 9 percent increase over the year. There, the median price fell 38 percent to $312,000.

“After flat sales in 2014, sales of single-family homes in Rhode Island have taken off. The gain in sales volume in 2015 was 17.6 percent, so January’s strong sales figures are right in line with last year,” Timothy Warren Jr., CEO of The Warren Group, said in a statement. “I attribute the improved performance to pent-up demand and prices that are still well below their peak of $275,000 in 2007. An improved economy and good news on employment has consumers revved up and ready to shop.”

Condominium sales also rose in January to 97 compared with 85 a year ago, a 14.1 percent increase. However, median sales prices for condos fell 16.1 percent to $174,000.
In Providence, there were 12 condo sales, a 36.8 percent decrease compared with January 2015, and the median price fell 43 percent to $171,000.
Countywide, there were 43 condo sales, a 12 percent increase over the year, but the median price dropped 17.1 percent to $172,000.

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