Charlestown RI Real Estate Market Update May 2014
The Charlestown RI estate market update for May 2014 is provided by Ginny Lacey Gorman of RI coastal real estate.
Home inventory under $400,000 in Charlestown RI real estate is needed for home buyers and moves quickly when it comes on the market. Furthermore, home buyers have indicated they want well priced homes that need minimal updating and sellers need to understand this fact.
Realizing this is more of a high end home market which may skew sales prices upwards but when you have the Atlantic Ocean at your doorstep, home prices can be in the higher range. This month saw 3 homes on the ocean close for over $1 million.
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 May are up by 4 homes over the prior month. This community is beginning the summer market well 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 continue to be ‘hot’ this year.
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 May 2014 home sales update for the month, as follows:
- Properties active and on the market: 115 ( 21 homes more than prior month)
- Single-family properties closed: 14
- Average sales price: $486,000
- Median sales price: $359,000
- Sales price to list price ratio: 94%
- Average days on the market: 73
- Sales currently pending: 9 (25% decrease over prior month)
Charlestown RI real estate sales remained constant in May which was a good housing sign. Three luxury oceanfront homes sold for over $1 million.
Charlestown’s home absorption rate remains a buyers real estate market.
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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.
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Home inventory increased in May, pending sales decreased by 3 homes and Charlestown RI home closings increased by 4 homes.
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Breakdown of the 14 Charlestown RI home sales is as follows for the month: 4 homes sold under $300,000, 5 homes sold between $300,000-$400,000, 2 homes sold over $400,000 and 3 homes sold for over $1 million. Charlestown RI homes sales still indicate that the best value for location, taxes and coastal living is the under $400,000 home market here where the strongest housing demand is.
Charlestown RI Real Estate Market Update May 2014
Comparing the first quarter 2013 to first quarter 2014 year to date through May, home sales are up by 42% and home sale prices in Charlestown are up 4%. All positive news for Charlestown home sellers.
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.
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:
April 2014 Charlestown RI Real Estate Market Report
March 2014 Charlestown RI Real Estate Market Report
February 2014 Charlestown RI Real Estate Market Report
May this Charlestown RI real estate report update May 2014 guide you in your RI real estate endeavors.
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