Single-family home sales in South County declined 9 percent in February, compared with February 2017, according to the latest report of the Rhode Island Association of Realtors. There were closings on 81 homes last month; a year earlier there were 89.
The February result was about the same as the sales activity statewide, with the Realtors reporting 534 single-family home transactions, down 54 year-over-year. Here are the figures for area towns:
Westerly: 13 homes sold, 1 more than in February 2017. The median price was $413,000, compared with $281,000 a year earlier, and the homes spent an average of 72 days on the market, compared with 59 in February 2017.
Charlestown: 10 homes sold, 1 fewer than the year before. The median price was $341,250, compared with $487,500 the year before, and the average days on the market was 81, compared with 55 in February 2017.
Hopkinton: 9 homes sold, compared with 4 in February 2017. The median price was $200,100, compared with $250,000 a year earlier, and the average days on the market was 70, down from 80 the year before.
Richmond: 7 homes sold, compared with 13 in February 2017. The median price was $286,000, compared with $258,000 the year before, and the homes spent an average of 46 days on the market, down from 75 a year earlier.
In its report, the real estate association highlighted an increase in listings, which went from 2,614 in February 2017 to 2,769 last month, up 5.9 percent.
"We’re starting to see a shift," said Dean deTonnancourt, the Realtors' president. "More homes are coming on the market. Though sellers still have an advantage, as the supply of homes increases, buyers will gain a competitive edge. Sellers who adjust their price expectations accordingly will still find plenty of eager buyers but they need to be aware that those buyers will have more choices."
The supply of condominiums available for sale also increased, rising 7 percent from a year ago to 731 statewide. The median price of condominium sales fell 1.5 percent from a year earlier to $207,500 and closing activity rose 11.6 percent, to 82 units.