Home sales decline in South County; Realtors cite tightening inventory of listings

Home sales decline in South County; Realtors cite tightening inventory of listings



Single-family home sales in South County declined 5 percent in June, compared with June 2017, according to the Rhode Island Association of Realtors. The result was roughly in line with statewide figures, which fell to 1,191 closings in June, compared with 1,236 a year earlier, a drop of 3.6 percent.

The Realtors said fewer sales and higher median prices reflect a shortage of inventory in Rhode Island. Over the course of two years, listings have dropped from 4,662 to 3,818 in June, a prime home-buying month; that is a decline of 18 percent.

Looking at the second quarter, Washington County had the steepest year-over-year median price gain among Rhode Island counties, rising 10.8 percent to $390,000, the association reported this week. The statewide median for a single-family home was $280,000 in the quarter, the highest level in 11 years.

In South County, there were 193 single-family home sales in June, compared with 203 in the same month last year. Here are the figures from area towns:

Westerly: 24 homes sold, compared with 36 in June 2017. The median prices rose to $358,450 from $341,000, and the average time on the market was 42 days, compared with 59 a year ago.

Charlestown: 20 closings on single-family homes, up 2 from June 2017. The median price ws $395,000, compared with $329,500 a year ago. The average days on the market was 81, compared with 59 a year earlier.

Hopkinton: 12 homes closed during the month in both years. The median price was $335,000, compared with $312,250, and the average time on the market was 69 days, down from 86 in June 2017.

Richmond: 7 homes sold, compared with 12 in June 2017. The median price was $252,000, down from $336,250 last year, and the average days on the market dropped to 35 from 49 in a year ago.

The association maintains an interactive “heat map” of local housing markets, sorted by zip code, to portray the supply of houses for sales, with a five-to-six month inventory considered to be evenly balanced between supply and demand.

By this measure, Wood River Junction, with one month’s supply of listings, is the second hottest “seller’s market” in Rhode Island (the first is Manville, at 0.75). Bradford, which includes parts of Westerly, Hopkinton and Charlestown, had a score of 1.71 in June, and Ashaway was rated at 1.94 months. Westerly was said to have a 5.19-month inventory of homes for sale.

blauxbachand@thewesterlysun.com


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