NEWS

COURTESY R.I. ASSOCIATION OF REALTORS PROVIDENCE – Single-family home sales climbed nearly 17 percent year over year in November to 898, and the median sales price rose 11.4 percent to $245,000, the Rhode Island Association of Realtors said Friday. Single-family home sales in process also rose 3.6 percent from the previous year, a positive sign going forward, the association said. However, it said the inventory of single-family homes for sale fell last month compared with November 2015, to 3,439 homes from 4,319, which could slow sales in the first quarter. “Rhode Island’s housing market is still seeing remarkable gains. Overall, interest rates are still low despite recent increases, and though the supply of homes available for buyers is shrinking, there is still a decent assortment of properties to choose from. We may see the market settle a bit in 2017 but we’re heading into the New Year with good momentum behind us,” Brenda Marchwicki, president of the Rhode Island Association of Realtors, said in a statement. Condominium and multi-family home sales also were strong in November, jumping 46 percent and 42 percent, respectively, since November 2015. Condo sales grew to 165 from 115 a year ago, and the median sales price rose 12 percent, to $225,000 from $201,000. Multi-family home sales increased to 162 from 114, and the median sales price increased 4.6 percent, to $183,000 from $175,000. Sales in process increased 6.3 percent in the condo market and 5.2 percent in the multifamily market, something the association said indicates “continued momentum in the near future.” “In some instances, sellers have been waiting to regain the equity lost during the housing downturn before putting their home up for sale. We’re hopeful that this year’s strong price gains will enable more Rhode Islanders to list their homes in the New Year and reap the reward of being able to buy their new home while mortgage rates are still relatively low,” Marchwicki said. Here are sales snapshots for the association’s five regions: • In Newport County, Newport led sales with an 80 percent increase over the year in November, to 18 from 10, and Tiverton had the greatest drop, at 43.5 percent, to 13 from 23. • In the Metro and East Bay, Bristol had the greatest increase in sales at 40 percent, to 14 from 10, while Barrington had the greatest drop at 29.6 percent, to 19 from 27. Providence home sales increased 6.3 percent, to 51 from 48, while the East Side of Providence saw sales grow 18.8 percent, to 19 from 16. • In the North region, Foster had the greatest sales increase at 300 percent, to four from one, and Scituate had the largest drop at 30.8 percent, to nine from 13. • In South County, Exeter led sales with a 266.7 percent increase, to 11 from three, and South Kingstown had the greatest decline, at 28.6 percent, to 25 from 35. • In Kent County, West Warwick had the greatest increase at 72.2 percent, to 31 from 18. No communities in Kent County had a year-over-year decrease in sales. http://www.pbn.com/Home-condo-sales-rise-in-November-in-RI,119383?catego...