PROVIDENCE, R.I. (WPRI) — A new survey shows sales of single-family homes and condos continue to surge in Rhode Island.
Michael DeGrandpre and Rich Pezzillo found their home sweet home in Providence: an old mill, converted into condos.
“Knowing that these are the same beams that were here when this was a factory and the same wall that was here when the machines were cranking back in the day really made this an exciting place to live,” said DeGrandpre.
But the couple’s path to home ownership was full of competition with other buyers.
“We went through the process of putting – I don’t even know – countless bids, several bids for many different units,” Pezzillo recalled. “But it’s that waiting game.”
“I think that there’s an appetite right now for these units,” DeGrandpre added.
There is. Condo sales in January were up 25 percent in 2017 compared to Jan. 2016 while single-family home sales spiked by more than 20 percent, according to a report by The Warren Group.
“Rhode Island is doing very well with the real estate market,” said Timothy Warren, CEO of The Warren Group.
Warren said the surge in sales may be fueled by pent-up demand left over from the Recession.
“A of people were stuck in homes that didn’t quite fit them anymore,” he explained. “When things started to improve – the economy improved, jobs improved, consumer confidence improved, mortgage rates are low – I think in the past couple of years they’ve come back in, in force.”
That means there are plenty of Rhode Islanders who feel just like DeGrandpre and Pezzillo.
“You know, when we walk through the door you can feel it now, whether it’s the look, the smell,” Pezzillo marveled. “It’s our place that we call home.”
According to the Warren Group, from 2016 to 2017, Rhode Island’s neighbors also saw growth in single-family home sales. Connecticut posted a 17 percent spike while Massachusetts had an 11 percent gain.