R.I. single-family, multi-family home sales increase in March, condo sales drop

SINGLE-FAMILY home sales rose 2 percent year over year in March, despite severe winter weather, the Rhode Island Association of Realtors reported Monday. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS
SINGLE-FAMILY home sales rose 2 percent year over year in March, despite severe winter weather, the Rhode Island Association of Realtors reported Monday. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS

PROVIDENCE – Single-family home sales rose 2 percent year over year in March, despite severe winter weather, the Rhode Island Association of Realtors reported Monday.
A total of 609 homes were sold in March, compared with 596 the year earlier and 598 in March 2013, the association said.
The median price also remained stable at $206,000, a slight increase from the median price of $205,000 in March 2014, but 8.4 percent higher than in March 2013 when it was $190,000.
The number of homes under contract to sell also increased 7 percent year over year.
“I think the weather that hit the area in February curtailed sale activity in March. I expect we may see a bit more of that in April since many closing cycles take 60 days to complete. As we move further into the spring, I think we’ll see both the number of closings and listings increase,” Bruce Lane, Rhode Island Association of Realtors president, said in a statement.

Multi-family home sales experienced the greatest increase in March at 37 percent year over year, as 115 multi-family homes were sold compared with 84 in March 2014. The median price also increased 6 percent to $158,500. The association said that this sector often leads market trends.
In comparison, condominium sales fell 3 percent and the median price declined 11 percent to $172,500. The association blamed “onerous lending conditions” on the decline. There were 104 condos sold in March, while 107 were sold during the prior-year period.
In the East Bay area, Barrington led single-family home sales in March with a nearly 92 percent increase, with 23 sales compared with 12 during the prior year period. Sales in Providence dropped 37 percent to 22 in March, while sales on the East Side of Providence increased 14 percent to eight.
In Kent County, the only town that had an increase in single-family home sales was Coventry, with an 11 percent jump, to 31 from 28 the year earlier. West Warwick experienced the greatest year-over-year decline in March at 27 percent, to 16 from 22.
In South County, South Kingstown had the greatest increase in March at 89 percent with 34 single-family homes sold compared with 18 sold during the prior year period. Block Island had the greatest drop at 60 percent with two homes sold, compared with five a year earlier.
In the North region, Glocester had a 100 percent increase in single-family homes sales, to 10 from five a year ago, while Central Falls experienced a 100 percent drop with no homes sold in March compared with four a year earlier.
Jamestown led Newport County with a 150 percent increase and five homes sold. Little Compton had no sales in March, reflecting a 100 percent decrease from one home sold during the prior-year period.

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