Rhode Island March Housing Prices Are Up!
Warwick, RI… April 25, 2014 - The Rhode Island Association of Realtors released March sales statistics today that highlighted escalating home prices. At $205,000, March’s median sales price was the highest price recorded at the end of the first quarter since 2008. The median price of single family home sales rose eight percent since March, 2013. The data is derived from all Realtor-assisted sales input into the State-Wide Multiple Listing System.
Single family home sales activity slowed slightly however, down .3 percent in March from 12 months prior, though it bounced back significantly from a lull in activity in February. Pending sales –those properties under contract but not yet sold – fell four percent.
“We’re seeing exactly what we expected to see, said Robert Martin, President of the Rhode Island Association of Realtors. “The harsh winter weather and fears of skyrocketing flood insurance rates put a slight damper on sales activity in the beginning of the year but those problems are behind us for the most part. This is turning out to be the best spring selling season we’ve seen in a long time.”
The condominium market fared even better than the single family home market with median price rising by ten percent and sales volume increasing by five percent. Pending sales were also up by seven percent indicating that the condo market will remain strong in the months ahead.
The multi-family market showed the most price appreciation of all three property types, rising 19 percent to $149,000. The number of sales however, dropped sharply and a 13 percent decline in pending sales indicates slower sales in the near future.
The Rhode Island Association of Realtors will release first quarter sales data on May 1. If you are looking to move to Rhode Island now is the time.