standing home sales

Home sales rebounded in May, with Realtors in Westerly area towns reporting 81 transactions, up nearly 25% from the 65 homes sold in May 2018.

In South County as a whole, closings were up 10.5% in May, similar to the results statewide, according to the latest figures from the Rhode Island Association of Realtors. Here is the breakdown for area towns:

Westerly: 32 single-family home closings in May, compared with 29 a year earlier. The median price was $364,000, compared with $329,900 in May 2018, and the homes averaged 73 days on the market, compared with 31 days the year before.

Charlestown: 26 homes sold, a gain of 11 from May 2018. The median price was $438,400, compared with $439,500 a year earlier, and the average time was on the market was 51 days, compared with 59 in May 2018.

Richmond: 15 homes sold, compared with 12 the year before. The median price was $305,000, compared with $300,450 in May 2018, and the average market time was 55 days, compared with 49 days a year earlier.

Hopkinton: 8 homes sold, one fewer than in May 2018. The median price was $337,500, compared with $239,000 the year before, and the homes spent an average of 62 days on the market, compared with 66 in May of last year.

The real estate association reported Friday that the statewide median price of $300,500 was the first time the price had topped $300,000. Sales statewide totaled 1,076, compared with 981 in May 2018, an increase of 9.7%.

"Inventory also saw a needed increase, though listings remain scarce with a supply of just four months, well below the six-month indicator of a balanced market," the association said in its report. Statewide listings totaled 3,583, compared with 3,715 at the same time last year.

Dean deTonnancourt, president of the Realtors, said, “The housing market is booming right now. We’re seeing multiple offer situations on a regular basis and though prices are rising, Rhode Island properties are still a tremendous value compared to nearby markets. In Massachusetts, for example, the median price of single-family homes generally runs anywhere from 25-50 percent higher than what we see here." He added that the lowering of interest rates was helping to drive sales. 

All nine towns in South County reported median sale prices topping $300,000, ranging from Richmond's $305,000 to $870,000 on Block Island; few homes change hands on the island, but the ones that do generally put it at the top of the list of the 40 local markets in the state.

Condo sales statewide were also higher, with closing activity and median price rising about 5% in May. The association does not break out condominium sales on a town-by-town basis. Statewide, there were 241 closings in May, and 830 listings, and the median price was $232,000.

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