R.I. home sales climb 24.7% in December, nearly 18% in ’15

PROVIDENCE – The Warren Group said Rhode Island saw another big month for single-family home sales in December, with 852 sales, a 24.7 percent jump compared with 683 in December 2014.
In 2015, there were 8,970 single-family home sales, 17.6 percent more than in 2014, when 7,626 were recorded.
The Warren Group said sales began picking up in May, kicking off eight consecutive months of double-digit, year-over-year sales hikes.

“The weather played a major part in delaying the market early in the year,” Timothy Warren Jr., CEO of The Warren Group, said in a statement. “But sales volume from May forward has been booming. With median prices still 18 percent below their peak pricing in 2006 and interest rates still low, buyers are finding affordable homes and snapping them up. Improved employment statistics fuels their confidence to seize the opportunity.”
In December, the median sales price for a single-family home was $225,000, a nearly 10 percent increase compared with December 2014’s median of $205,000. The overall median price in 2015 was $224,900, reflecting a 3.6 percent increase when compared with 2014’s median of $217,000.

There were 107 condominium sales in December, a 9.3 percent drop from 118 sales in December 2014. There were 1,436 condos sold in Rhode Island in 2015, a 12.3 percent increase from 1,279 sold in 2014.

The median price for a condo in December was $165,000, rising 3.1 percent from December 2014’s median of $160,000, while in 2015, the median sales price for a condo was $192,500, a 1.9 percent hike from 2014’s median of $189,000.

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