***News Release***

Wallingford, CT – Berkshire Hathaway HomeServices New England Properties has released the First Quarter 2016 Rhode Island Market Report, a valuable resource for anyone looking to buy or sell a home. The report examines the single family and condominium markets throughout Connecticut and is an in-depth analysis of sales and emerging trends in the market.

The state of Rhode Island showed some gains in First Quarter 2016. Single family home sales were up 14.15% and sales volume increased 19.22% year over year (YOY). The average price also increased by 4.4% for single family homes. Condominium sales were up 15.99% and sales volume was up 17.22% YOY. The average price increased slightly by 1.1% for condominiums.

Days on market for single family homes was 133 and 143 for condominiums. In First Quarter 2016, there were 1,856 closings for single family homes, up 14.15% YOY. There 312 closings for condominiums, up 15.99%. Sales in the $1 – $3 million range made up the majority of luxury sales in First Quarter 2016, with 31 units sold. Providence showed the greatest increase in sales, up 18.11% and had the greatest increase in sales volume, up 27.90% YOY for single family homes.

Overall, it was a solid First Quarter in 2016 in Rhode Island. The market will continue to show momentum, but inventory will be limited as value priced homes are in high demand and going fast. With interest rates still very low and rent continuing to rise, more buyers will be prepared to enter the market in the coming year. The slight increase in home prices in Rhode Island also shows signs that the market will continue to improve in the coming months. For the full market report, please visit: https://www.bhhsneproperties.com/documents/market-report/2016q1-ri.pdf

At Berkshire Hathaway HomeServices New England Properties, our mission is to provide an unparalleled customer service experience throughout all aspects of the home transaction process. If you have any questions regarding this report, Berkshire Hathaway HomeServices New England Properties Realtors® are here to help you navigate the current market with expert knowledge and exceptional service.

Berkshire Hathaway HomeServices New England and Westchester Properties is a leading real estate brokerage firm with over 1,600 REALTORS® in Connecticut, Rhode Island, and Westchester County, NY.  Selectively chosen by Berkshire Hathaway HomeServices and HomeServices of America; the global reach, financial strength and fresh brand make Berkshire Hathaway HomeServices New England and Westchester Properties the premiere real estate firm in the Northeast.  Whether it be residential, commercial, corporate relocation, equestrian or waterfront living, our company and REALTORS® are local market experts committed to providing exceptional service to our clients. For more information, visit www.bhhsNEproperties.com.