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RI Home Closings Increase Moderately in March Despite Bad Winter

By
Real Estate Agent with Keller Williams Realty Leading Edge

 

Warwick, RI, April 27, 2015… Despite harsh winter weather, single family home sales held their own in March.  Sales activity increased two percent from 12 months earlier and the median sales price remained stable at $206,000, a slight increase from the median price of $205,000 in March, 2014.  The number of sales under contract rose seven percent - strong evidence that completed sales will continue to increase in the coming months.

“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,” said Bruce Lane, President of the Rhode Island Association of Realtors.   March single family home inventory was down seven percent from 12 months earlier.

In spite of February’s snowfall, the investor-driven, multi-family home market fared extremely well in March.  Sales rose 37 percent from the prior year and median price increased six percent to $158,500. The investment market often leads market trends.

Condominium sales, on the other hand, continued to struggle. Sales activity decreased three percent and median price fell eleven percent to $172,500, a decrease which could be explained by onerous condo lending restrictions.

Overall, Rhode Island Realtors expect a robust spring market.  For those looking to buy or sell, Lane advised setting up for success by getting pre-qualified and using the services of a Realtor with knowledge of the local market.  “If you’re buying, a Realtor will help you get through your home search without making costly mistakes and if you’re selling, they can guide you through the maze of deadlines and contracts involved in the sale and get your home maximum exposure.  Just as important, they can help you get more money for your home,” Lane commented. 

According to the latest research from the National Association of Realtors, the median selling price for agent-assisted home sales is about $26,000 higher than unassisted sales.

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