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RI’s Housing Market Showing Strong End-of-Year Finish

December 19, 2018

Warwick, RI – December 19, 2018 – November sales data released by the RI Association of Realtors (RIAR) and State-Wide Multiple Listing Service (MLS) reflect a strong housing market as the year heads to a close. Single-family home sales increased 2.1 percent from 12 months earlier and the median sales price of $267,700 represented a 3.4 percent hike.  MLS recorded the highest number of November sales on record last month and the median selling price was the highest in November since 2006.

“There’s no doubt about it, Rhode Island’s housing market is still going strong. Sales are up, prices are up, and buyers are beginning to get some relief with more homes coming on the market.  Inventory is still scarce but the number of homes available for sale has been increasing each month. To be clear though, buyers still need to act quickly to beat the competition in order to get the home they want,” said Dean deTonnancourt, 2019 President of the Rhode Island Association of Realtors.

The median number of days a home stayed on the market last month dropped to 61 from 63 in November of 2017 and the number of single-family homes listed for sale through MLS rose 6.9 percent. There was a 3.8-month supply of homes for sale last month compared to a 3.4-month supply 12 months earlier.  A six-month supply is considered to be a market balanced between buyer demand and seller supply.    

Sales activity in the condominium sector was also strong last month, rising 14.3 percent from a year earlier while the median sales price of $223,000 fell 2.6 percent.  Condo listings sold in 61 days compared to 79 in November 2017 and the number of listings grew by 9.3 percent.     

“Always a favorite of young professionals and empty nesters, condos have attracted even more buyers in the current market due to increased rental prices and the scarcity of single-family homes for sale,” said deTonnancourt.

Activity in the multifamily property sector remained busy with 25.3 percent more multifamily homes sold this November than last, despite a 7.7 percent increase in price. Days on market increased to 54 from 46 last year and available inventory increased by nearly 16 percent.

“So far to date, the fourth quarter has seen more closing activity in Rhode Island’s multi-family home market than any other year on record.  The stock market may not be doing well but housing is still considered a strong investment among investors,” commented deTonnancourt.

 

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