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RIAR: Condo Home Sales Rose 60% in January

By mdblog - March 06, 2013

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The Rhode Island Association for Realtors(RIAR) recently came out with their January numbers in condo sales, and the results are positive. On Friday afternoon, the RIAR declared that condo sales in Rhode Island rose 60% in January. One of the main reasons is that the condo market is "less influenced" by distressed sales. This means that the median condo prices reflect properties sold through conventional means, not by foreclosures or short sales (only 15% were sold through distressed sales). According to the Realtors' report, there was a total of 126 condos sold in January, with a total condo sales rise of 28% in median prices.  This puts last year's numbers to shame. In comparison to January 2012, the median condo price went from $155,450, to  $199,450 in 2013. “The condo market has been red hot throughout the fall and winter, with both sales activity and median price experiencing double digit growth,” said Victoria Doran, President of the Rhode Island Association of Realtors. “We’ve seen strong sales and increased prices for six months now and January was off the charts.”

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