Real Estate Market in Rhode Island strongest since 2008

The Rhode Island Association of Realtors (RIAR) has said that the sales in this spring’s housing market are strongest since 2008.

According to the report released by the trade group on Thursday, the sales of single-family homes increased by 7% in April 2013 compared to the same month last year. At the same time, the median price rose 3% to $180,000.

Even Woonsocket, a nearly bankrupt city in Providence County , floating a fiscal recovery plan which may lead property taxes to skyrocket next year, is demonstrating healthy signs, said RIAR.

The number of single-family homes sold in the Woonsocket in April was only four compared to 15 during the same month a year ago. But the median sales price of a home in the metropolis witnessed a rise of 4.6%.

Bob Martin, a representative of Century 21 Crossroads Agency, said the rise in price indicates that the demand for housing in Woonsocket, where the home prices are comparatively lower than other parts of the state, is drawing level with the supply.

He said that due to the vitality of the city’s economy and the lingering uncertainty over tax rates, some foreign buyers are hesitant to invest in the Woonsocket market with local investors driving most of the activity here.

The realtors association has not confirmed the figures of multi-family homes in the community in Rhode Island but said they increased as well. The sales rose to 11% last month statewide, reversing a recession reported in March.  However, the median price of $107,000 was 16% less than last year’s price.

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