New figures released by the Rhode Island Association of Realtors show that Realtor-assisted single-family home sales in South County were down slightly last month, compared with November 2017. A total of 142 homes changed hands, 5 fewer than the closings in the same month a year earlier.
The results were in line with the statewide totals last month (923 homes sold, one more than November 2017). Statewide, the median sales price of $267,700 represented a 3.4 percent year-over-year increase and was the highest in November since 2006. The State-Wide Multiple Listing Service added that the sales total was a record for November.
“There’s no doubt about it, Rhode Island’s housing market is still going strong," said Dean deTonnancourt, 2019 president of the Rhode Island Association of Realtors. Here are the local figures:
Westerly: 18 single-family homes sold in November, compared with 24 last year. The median price was $280,000, compared with $326,000 in November 2017, and the homes averaged 121 days on the market, compared with 67 a year earlier.
Charlestown: 15 homes sold, compared with 23 in November 2017. The median price fell to $349,00 from $430,000, and the average days on the market was 46, compared with 93 a year ago.
Hopkinton: 9 home sales, down from 12 in November 2017. The median price was $275,000, compared with $282,111 a year earlier, and the average days on the market was 51, compared with 55 in November 2017.
Richmond: 7 homes sold, 1 more than last year. The median price rose to $320,000 from $308,275, and the average time on the market was 108 days, compared with 42 in November 2017.
For Rhode Island as a whole, the number of single-family homes listed for sale through MLS rose 6.9 percent, to 3,371. There was a 3.8-month supply of homes for sale last month compared to a 3.4-month supply 12 months earlier. The association said that a six-month supply is considered to be a market balanced between buyer demand and seller supply.
In the condominium market, there were 200 closings last month, compared with 175 in November 2017. The number of listings grew by 9.3 percent, to 789. DeTonnancourt said that increased rental prices and the scarcity of single-family homes for sale have contributed to higher demand for condos. The association does not break out condo sales by town.