North Kingstown Real Estate Report August 2013
North Kingstown homes for sale update for August 2013 is provided by Ginny Lacey Gorman of RI waterfront real estate.
Home buyers and sellers have finished the North Kingstown Rhode Island summer market with a strong showing in home sales here.
- Properties currently active on the market: 203 (6% less than prior month)
- Homes sold in August 2013: 29 (9% lower than prior month)
- Average sales price: $304,509 (up +13% from prior month)
- Median sales price: $285,000 (up +24% from prior month)
- Sales price to list price ratio: 97% (up +2% prior month)
- Average days on the market: 79 (decrease by13% from prior month)
- Sales currently pending: 42 (+20% increase from prior month)
Based on this most recent home sales data, the North Kingstown RI real estate market is barely a buyers market. Currently, there is 7 months of home inventory on the market. My experience has shown me that when home supply drops below 5 months, home prices rise faster and it is a seller’s market. We are not there yet.
Breakdown of the 29 North Kingstown sold homes is as follows for the month: 17 homes sold under $300,000, 3 homes sold between $300,000-$400,000 and 9 homes sold over $400,000. The under $300,000 market is clearly the desired market in home sales for buyers.
Interested in North Kingstown homes for sale? Get your mortgage pre-approval letter from your lender in hand and be prepared to buy. Talk to me, I can refer you to a number of great mortgage lenders who can assist you.
North Kingstown real estate has slumped a bit in its August 2013 home closing rate. Home sales are down by 13% over the prior month. Yet pending home sales are up by 20% over July. Both the solds and pending sales together show a strong home market here to end summer in 2013. Year over year, home sales are up by 8% in August 2013 over August 2012. These are the statistics that you as a home seller or buyer need to know.
The increase in pending homes indicates that September home closings will be a bit higher volume. Yet, this current home buying market shows a strong 8 months of home buying power. Realize that the homes selling here are in updated condition and at an attractive price point to obtain an accepted offer. Being ‘show ready’, right location and well priced to market combines to make a sale happen for buyers and sellers.
Both buyers and sellers can use this North Kingstown real estate report to determine how the local home sales are performing. No longer a declining market, if you are looking to buy or sell now is the time.
Looking for a RI waterfront Real Estate Agent that knows her RI real estate market? I market clients’ homes with maximum exposure online resulting in successful home sales for clients. I would love the opportunity to help you. I live, work and play in southern RI waterfront real estate. Please call me at (401) 529-7849 to find out what your Rhode Island home is worth and/or to discuss your housing buying needs.
Contact Ginny Lacey Gorman today at 401.529.7849 or email me at Ginny@RiHouseHunt.com. North Kingstown Real Estate Report August 2013.