The president of the Rhode Island Association of Realtors says sales are stronger this spring than they’ve been in four years. It’s still a buyer’s market – but that could be about to change.
Sales of single family homes in Rhode Island were up seven percent in April from the year before. At the same time, the median price rose three percent to 180-thousand dollars. Distressed sales now account for one-in-four sales; down from one in three a year ago. Victoria Doran, president of the Rhode Island Association of Realtors, says buyers are realizing the low interest rates and rock bottom home prices are not going to last forever.
"I think they realize that this is not going to continue indefinitely. I think they’re realizing that we’ve hit the bottom but things are going to start moving up and all indications show that."
The Realtors Association says Rhode Island currently has a seven-and-a-half month inventory of homes on the market. A buyer’s market is considered anything over a six-month inventory.