NEW: RI Home Prices Rise 2% in 1st Quarter
GoLocalProv Business Team
NEW: RI Home Prices Rise 2% in 1st Quarter
“With rare exception, quarterly prices have been rising consistently since 2012. However, the rate of appreciation is becoming more subdued and while home sales are still moving quickly, properties are staying on the market a little longer than they had last year,” said Dean deTonnancourt, President of the Rhode Island Association of Realtors.
Median price reflects the mid-point of all sales, with half sold for less and half sold for more.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTMedian Prices Rise
Nine municipalities saw double-digit increases in median price with Westerly leading the way with a 27.8 percent gain.
Only twelve municipalities saw a decline in median sales price.
Meanwhile, single-family closing activity saw a slight decline for the second straight year.
According to the RI Association of Realtors, 1,903 homes sold last quarter, down from 1,951 sales in the first quarter of last year, a decrease of 2.5 percent.
Overall, sales activity fell or stayed the same year over year in 28 of the 40 districts measured.
In other sectors of the market, the median sales price of multifamily homes saw a double-digit increase in the first quarter.
“There’s no doubt that multifamily properties remain an attractive option to both investors and first-time buyers. I can’t remember seeing the median price of multifamily sales being higher than that of single-family homes as it is now. The demand in that market has definitely kept prices at a premium,” said deTonnancourt.
At $256,500, this year’s multifamily home median price was 14 percent higher than that seen in the first quarter of 2018. Sales activity increased marginally, rising .5 percent.
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