North Kingstown Real Estate Update July 2013
North Kingstown homes for sale update for July 2013 is provided by Ginny Lacey Gorman of RI waterfront real estate.
Home buyers and sellers are into the North Kingstown Rhode Island summer market with an increase in home sales here.
- Properties currently active on the market: 215 (10% more than prior month)
- Homes sold in July 2013: 32 (24% lower than prior month)
- Average sales price: $267,975 (down 15% from prior month)
- Median sales price: $228,500 (down 23% from prior month)
- Sales price to list price ratio: 95% (equals prior month)
- Average days on the market: 92 (up by 7 days from prior month)
- Sales currently pending: 35 (8% decrease from prior month)
Based on this most recent home sales data, the North Kingstown RI real estate market is barely a balanced market. Currently, there is 6.7 months of house inventory. My experience has shown me that when home supply drops below 5 months, home prices rise faster and it is a seller’s market. I believe home buyers can feel the scarcity in the market at this point. We are not there yet.
- Breakdown of the 32 North Kingstown sold homes is as follows for the month: 25 homes sold under $300,000, 2 homes sold between $300,000-$400,000 and 5 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. Talk to me, I can refer you to a number of great mortgage lenders.
North Kingstown real estate has slumped a bit in its July 2013 home closing rate. Home sales are down by 24% over the prior month. Year over year, home sales are up July 2013 by 29% over July 2012 which is a healthy recovery. Those are the statistics that you as a home seller or buyer need to know.
The homes going into sales agreement status had a pullback by 10% in July over the prior month. Strong home interest in buying a home under $300,000 remains on the top of buyers minds.
The reduction in pending homes indicates that August home closings will be a bit lower number. Yet, this current home buying market shows a strong first half of home buying power. We have made it over the hump in slow home sales. Realize that the homes selling here are in updated condition and an attractive price point to obtain an accepted offer.
Both buyers and sellers can use this statistical information to determine how North Kingstown home sales in are performing.
Looking for a RI waterfront Real Estate Agent that knows her RI coastal real estate market? I market clients’ homes with maximum exposure resulting in successful home sales. 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 Update July 2013.