R.I. single-family home listings down, as sales climb in January

IN JANUARY, the number of single-family houses sold in Rhode Island increased by 21 percent, compared to January 2016, and the median sale price, at $225,000, slightly dropped from the $226,500 recorded the prior year, the R.I. Association of Realtors reported Tuesday. / COURTESY R.I. ASSOCIATION OF REALTORS
IN JANUARY, the number of single-family houses sold in Rhode Island increased by 21 percent, compared to January 2016, and the median sale price, at $225,000, slightly dropped from the $226,500 recorded the prior year, the R.I. Association of Realtors reported Tuesday. / COURTESY R.I. ASSOCIATION OF REALTORS

PROVIDENCE – The limited supply of houses for sale in Rhode Island has narrowed even further, according to the latest statistics released by the Rhode Island Association of Realtors.

The association reported Tuesday that listings of single-family homes in January fell to 3,194, down 13 percent from the previous January, and down 17 percent from January 2015.

The tight supply of available inventory has tipped much of the state into a seller’s market, and is threatening to subdue sales activity. The number of pending sales, which foretell activity for the months ahead, fell in January for the second straight month, the association reported.

“We’re just on the heels of the spring market which is when we typically see more homes going up for sale,” said Brenda L. Marchwicki, president of the R.I. Association of Realtors, in a released statement. “Right now demand is outstripping supply so if homeowners have been thinking of selling, they should know that in most areas, market conditions are clearly in their favor.”

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In January, the number of single-family houses sold in Rhode Island increased by 21 percent, compared to January 2016. The median sale price was $225,000, a slight drop from the $226,500 recorded the prior year.

In multiple-family sales, activity also rose, to 138 transactions in January. This marked a 16 percent increase in sales compared to the 115 sold in January 2016. The median sale price rose by nearly 10 percent, to $187,250.

Condos also saw robust sales in January, with 130 transactions closed, an increase in volume of 31.3 percent. The median price rose slightly, to $186,000.
The R.I. Association of Realtors tracks transactions that include a Realtor.

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