East Greenwich RI Real Estate Market October 2014
The East Greenwich RI real estate market October 2014 showed an uptick in home sales by 80% over the prior month. This home sale market saw a surge for this fall month.
The 2014 East Greenwich real estate market, in the fall months, is showing a 23% decrease in home sales so far this year to date 2014 over the same time period in 2013. Yet home sale prices here have increased by 2% over the same time period which is important to home sellers and homeowners. Most of the decrease in home sales is due to the lack of corporate executive relocations to East Greenwich this year.
A suburb of the city of Providence, commuting distance to the big city and top rated East Greenwich schools draws the home buyers here. This RI real estate market’s strong yearly trend in single family home sales was demonstrated well in 2013. Yet the over $1 million homes continue to sell slowly in this home sale market, with none selling in October.
Let us look at how this East Greenwich home sale market is doing this month of October:
Active homes on the market: 113 (-14% over prior month)
Average list to sales price: 97% (compared to 96% the prior month)
Average home sale price: $422,000
Median home sale price: $388,000
Pending Homes: 11 (3 homes less than prior month)
Single family Sold Homes: 18 (+80% increase in home closings over prior month)
In October, 18 single family homes sold as follows: 6 homes sold for less than $300,000, 3 homes sold between $300,000-$400,000 and 9 homes sold for greater than $400,000. The over $400,000 is the market that home buyers are focusing on here.
It is a balanced market in this community as home inventory is at 6 months which is a change.
East Greenwich RI Real Estate Market October 2014 Update
More detailed East Greenwich October home sales information to follow:
Average home sold for $422,000 at 97% of list price and days on market was 115.
Median home sold for $388,000 at 97% of list price and was on the market for 109 days prior to a sales agreement.
Comparing East Greenwich RI real estate sales year to date 2014 over year to date 2013 through October, a 23% decrease in home sales resulted. Yet, home sale prices ( $455,000 compared to $446,000 in 2013) are up by 2% over the same time period in 2014 over 2013 through October. This is a continued favorable trend for the East Greenwich community.
Even with these lower sales figures this year, East Greenwich has remained one of the most desirable RI home markets due to proximity to Providence and the Airport as well as the public school system.
Why do people move to this community of East Greenwich RI? Within Kent County this suburban town is noted for fine homes, great public schools, being near shopping malls and there is easy highway access. Its closeness to the Providence airport and the capitol of RI makes East Greenwich a choice town for commuters.
Considering Relocating to East Greenwich? Find out why so many home buyers choose it. A variety of neighborhoods from country estates to condos on Main Street is so appealing to East Greenwich real estate buyers. Noted for its choice of restaurants outside of Providence as well as marinas for boating enthusiasts.
Looking for a home in East Greenwich RI? Interested in homes for sale in East Greenwich? As an East Greenwich RI real estate specialist, I provide you insight, neighborhood information and choices for your next move. Let me do a more in depth analysis into what is happening in the market at your price point as well as surrounding towns.
Here are past East Greenwich market reports for 2014 to read: