Quick overview :
January sales statistics released at the end of February by the Rhode Island Association of Realtors show a strong surge in closing activity at the beginning of the year. Single-family home sales rose 21 percent compared to January of 2016. The median sales price of those sales was $225,000, $1500 less than the prior year.
Realtor data also portrays a continuously shrinking inventory of homes for sale with 13.2 percent fewer homes on the market this January than in January of 2016. Pending sales, which foretell closing activity in the months ahead, fell for the second consecutive month.
In keeping with the other sectors of the market, the number of multifamily home sales rose 20 percent in January from January of 2016. This sector also saw the largest gain in median sales price of all property types with an increase of 20.8 percent. Both listings and sales under contract were down from 12 months earlier however, a sign that sales of multifamily properties could abate in the months ahead.