Sales Continue to Rise in First Month of 2017

The Rhode Island Association of Realtors has just released its January 2017 sales statistics, reporting a strong start to the year for the Rhode Island housing market.

Single family sales increased by 21% compared to January 2016. However, at the same time, inventory continued to drop with 13.2% fewer single family homes hitting the market.

This increase in buyer activity paired with such a low inventory of homes has propelled demand, making this an excellent time to put your home on the market if you have been considering a move.

Other statistics worthy of note were condominium sales, which shot up 31.3% from this same time period last year. Multi-family home sales stayed consistent with the overall trend, rising 20% from January 2016. However, multi-family pending and were both down which hints at lower sales moving forward.

For more information on the real estate market, local communities, and current listings, please visit ResidentialProperties.com.