Wallingford, CT – Berkshire Hathaway HomeServices New England Properties has released its Second 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 Rhode Island and is an in-depth analysis of sales and emerging trends in the market.

In Rhode Island, single family home sales were up 13.06% and sales volume jumped 18.62% year over year. The average price also increased by 4.92% while days on market dropped to 117 days. Newport and Bristol showed the greatest increase in sales for single family homes, up 23.87% and 23.24% respectively. Condominium sales were up 13.72% and sales volume was up 20.93% year over year. The average price increased by 6.34% for condominiums and days on market dropped dramatically to 124 days, the shortest average time on market in over two years. Sales in the $1 – $3 million range made up the majority of luxury sales in Second Quarter 2016, with 39 units sold.

“The steady gains of the second quarter should continue through the summer,” stated Candace Adams, CEO of Berkshire Hathaway HomeServices New England and Westchester Properties. “Value and supply will drive the market.”

As inventory decreased at the end of this quarter there has been “tense competition and lack of affordable homes for sale” according to Lawrence Yun, Chief Economist for NAR.Well priced homes in good condition should continue to see multiple offers through the year.

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. For the full market report, please visit: https://www.bhhsneproperties.com/documents/market-report/2016q2-ri.pdf

Berkshire Hathaway HomeServices New England and Westchester Properties is a leading real estate brokerage firm with over 1,800 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.