Sales of single-family homes, multi-family homes rise in January in R.I.

SINGLE-FAMILY home sales rose 3 percent in January compared with January 2014, the Rhode Island Association of Realtors said Thursday. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS
SINGLE-FAMILY home sales rose 3 percent in January compared with January 2014, the Rhode Island Association of Realtors said Thursday. / COURTESY RHODE ISLAND ASSOCIATION OF REALTORS

WARWICK – Single-family home sales rose 3 percent and the median price of single-family homes rose 6 percent in January compared with January 2014, the Rhode Island Association of Realtors said Thursday.

A total of 543 single-family homes were sold in January – a year ago, 528 homes were sold. The median price rose to $206,000 last month, from $194,950 a year ago.

Bruce Lane, Rhode Island Association of Realtors president, said in a news release that the “momentum that began building” in the housing market toward the end of last year carried into this year. The number of sales under contract also increased 4 percent, a sign that the market’s boost in activity won’t end any time soon, Lane said.

Multi-family home sales had the largest gain at 15 percent, with 99 multi-family homes sold in January, from 86 a year ago. The association, in a news release, said this investor-driven market had the “most significant gains in January,” also noting that the median price of multi-family homes rose 13 percent to $141,000.

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Condominium sales, however, declined 5.2 percent, to 91, from 96 a year ago. But the median sales price for condominiums rose 1 percent year over year, to $207,000.
The association said pending sales of condominiums dipped 10 percent in January, which may mean that sales in this segment will remain sluggish over the next few months.

Lane said that all three property types are “slightly oversupplied for the market place, tipping the scales slightly in favor of buyers.”

“If you’re someone who is ready and able to buy, you couldn’t ask for better conditions. There’s a good supply of homes for sale that are priced well and mortgage rates are fantastic. In many cases, it makes more financial sense to own rather than rent right now,” Lane said.

He said the single and multi-family markets have a seven-month supply of homes for sale, while the condominium market has a supply of more than eight months. An inventory of six-months is considered a housing market that is evenly balanced between seller supply and buyer demand.

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