Charlestown RI Real Estate Market Update March 2014

Charlestown RI Real Estate Market Update March 2014

 

The Charlestown RI estate market update for March 2014 is provided by Ginny Lacey Gorman of RI coastal real estate.

The lack of home inventory under $400,000 in Charlestown is moving home buyers to other southern RI communities such as Narragansett or North Kingstown.  At present, homes on the market are priced a bit high and need updating.  Home sellers need to see the truth in house values when home improvements are needed and price accordingly.  Home buyers have indicated they want well priced homes that need minimal updating.

This is a waterfront and/or rural community here depending upon your desire for your Charlestown home location.  Home sales here for the month of March are up 80% over the prior month.  This community can put the winter behind as spring blooms in home sales.

Home buyers are actively seeking good land values and lower priced affordable homes under $400,000.  Both of these real estate gems will be ‘hot’ this year.

Charlestown RI Real Estate Market Update March 2014

Nestled in the southern part of Rhode Island, between the towns of Westerly and South Kingstown RI, this town offers oceanfront residences as well as country homes for the home buyer.  It is the stunning coastline, quiet neighborhoods, beach side homes and serene landscapes that draw home buyers to this Charlestown location.   Here is the March 2014 home sales update for the month, as follows:

  • Properties active and on the market: 90( 6 homes more than prior month)
  • Single-family properties closed: 9 ( up by 80% over prior  month)
  • Average sales price: $339,000 
  • Median sales  price: $260,000 
  • Sales price to list price ratio: 92% (up from 89% the prior month)
  • Average days on the market: 102 (37% increase over prior month)
  • Sales currently pending: 7 (17% increase over prior month)
oceanfront beach in Charlestown RI real estate February

 

Charlestown RI real estate sales bloomed in March which was long overdue.   No luxury oceanfront homes sold for $1 million and over this month.

 

Now with the changes in flood plains and insurance, waterfront homes will be evaluated with these factors in  mind with future sales.  Taking steps to protect your real estate along the coast is a must for homeowners now.  Although the Biggert- Waters Act is now put on hold with a Congressional review and delayed the flood insurance increases.  Being aware of your flood zone will benefit you in years to come as a Charlestown home owner if you are a coastal homeowner.

 

Charlestown’s home absorption rate remains a buyers real estate market.

  • Home absorption is the amount of time it will take to sell all the homes currently on the market without any additional homes being added to the current real estate market.

      • Home inventory increased in March, pending sales increased by 1 home and Charlestown RI home closings increased by 4 homes over the prior month.

         

      • Breakdown of the 9 Charlestown RI home sales is as follows for the month: 5 home sold under $300,000, 2 homes sold between $300,000-$400,000 and 2 homes sold over $400,000.     Charlestown RI homes sales still indicate that the best value for location, taxes and coastal living is the under $300,000 home market here where the strongest housing demand is. 

Charlestown RI Real Estate Market Update March 2014

 

Comparing the first quarter 2013 to first quarter 2014, home sales are up by 5%.

From coastal Charlestown homes to the rural country homes.  You are never far from the ocean and the Rhode Island beaches here.  It is a great time to buy in the Quonnie area too if you are looking at true waterfront, walk to water or oceanfront Charlestown homes for sale.

 

Update:the increases to flood insurance premiums have NOT gone into effect as Congress revisits a better way to apportion the increases over time.  More to come on flood zones this year as FEMA evaluates increases in flood premiums.  Your best advice will come from a knowledgeable insurance agent.

 

Looking for a Charlestown RI waterfront real estate agent ? Ginny Lacey Gorman knows her RI coastal real estate market.  I would love the opportunity to assist you in your search or sale.  Knowing current FEMA flood map changes, building construction needs in coastal areas and staying abreast of RI septic changes is a part of my skills set.

Past Charlestown RI Market Reports:

February 2014 Charlestown RI Real Estate Market Report

January 2014 Charlestown RI Real Estate Market Report

 May this Charlestown RI real estate report update March 2014 guide you in your RI real estate endeavors.

  ~~~~~~~~~~~~~~~~~~~~~~~~~~

 Ginny Lacey Gorman is your go to Charlestown waterfront Rhode Island real estate agent…knowing the Charlestown RI geographic area, schools, happenings and important tidbits of local information.  Email her at ginny@RIHouseHunt.com to make an appointment to find the home of your dreams too!
 
Waterfront, oceanfront, luxury and coastal Rhode Island real estate are my specialty but all of RI is my backyard.  When you are in need of a real estate professional and specialist for your buying, selling or relocating needs and an internet savvy marketer who sells RI houses in this RI real estate market call Ginny at 401.529.7849

Leave a Reply

Your email address will not be published. Required fields are marked *