RI housing market rebounds
There is some good news for Rhode Island’s housing market. The Rhode Island Association of Realtors reports that single family home sales increased by 43% last month as compared to a year ago. The median price of 195-thousand-dollars is 1% higher than November 2011.
November’s numbers also show an even balance between the supply of houses for sale and the number of potential buyers according to the RIAR.
In that same report, the RIAR says condos are selling for higher prices and more of them are being purchased. The RIAR says the average condo price was $205-thousandlast month, a 25% increase over a year ago. Sales are up 32% and the Realtors Association says condos are in a seller’s market right now in Rhode Island.
However it warns that this seller’s market may not continue. The RIAR says many condo developments were turned into rental properties during the housing downturn. If those rentals return to being condos then the number available to sell will increase.