PROVIDENCE – Single-family home sales in Rhode Island declined 2.2 percent in the first quarter of 2018 year over year, while prices rose nearly 10 percent, according to the Rhode Island Association of Realtors Wednesday.

There were 1,938 sales in the first quarter 2018, compared with 1,982 one year prior. The median price of a single-family home increased 9.7 percent year over year to $252,250. Homes spent an average of 66 days on the market before selling, compared with 79 last year.

“There’s no doubt about it. Homeowners who decide to sell are seeing good profits because their equity rose substantially over the past few years,” said Joe Luca, 2018 president of the Rhode Island Association of Realtors, in a statement. “When asked what the three most important words were in real estate, the answer most often given is ‘location, location, location.’ Now it could be argued that it could be ‘timing, timing, timing.’ The market is hot for sellers right now.”

Distressed property single-family home sales declined from 238 in the first quarter of 2017 to 154 in the first quarter 2018.

The municipality with most single-family home sales in Rhode Island was Warwick, with 222 sales, a decline from 256 one year prior.

Sales of condominiums in Rhode Island increased 7.3 percent year over year to 424 in the first quarter of 2018 at the same time that the median price rose 7.7 percent to $210,000. A condo spent an average of 70 days on market, compared with 84 in the first quarter of 2017.

Providence (including the East Side) had the highest number of condo sales in the state in the first quarter with 60 sales.

Multifamily home sales totaled 410 sales in the first quarter, 12 more than the previous year, while the median price increased 25 percent year over year to $225,000. Multifamily homes spent an average of 49 days on the market, compared with 64 days in the previous year. Distressed sales declined from 63 to 45 in the 2018 first quarter.

Chris Bergenheim is the PBN web editor.

Source: Providence Business News