Tell Me About the Jamestown Home Sale Market in May
This Jamestown Rhode Island home sale market in May 2016 is pulling back in this coastal real estate market. Overall, the home sales were 27% lower than the prior month with pending home sales awaiting closing same as the prior month. Yet, the past five months of 2016, the Jamestown real estate market showed a 130% increase in home sales as compared to the first five months of 2015. A good rebound has finally happened in this Jamestown RI coastal real estate haven. The luxury Jamestown housing market had 1 sold home this month for over $1 million in waterfront RI real estate. Read on to see what the home sale Jamestown market is doing…
Knowing the waterfront and Jamestown RI coastal real estate area is part of the RI home discovery process. If you are buying or selling a home in coastal Jamestown RI real estate, you want to understand this local home market. It is important to know that although real estate taxes are low here, the average price of a home is significantly higher than surrounding Washington and Newport county properties.
Here is the current Jamestown RI real estate market report provided by Ginny Lacey Gorman of RI waterfront real estate for the month:
Jamestown properties active and on the market this month: 79
- Single-family properties sold: 10 (5 homes less than prior month)
- Average Sales price sold: $ 650,000
- Median Sales price sold: $580,000
- Sales price to list price ratio: 95% (last month it was 93%)
- Days on the market: 168
- Sales currently pending: 11 (11 homes pending last month)
Knowing the Jamestown RI real estate market is essential if you are considering listing your home for sale or in the market to buy. Especially if your home is in the luxury Jamestown real estate range. 9 luxury homes over $1 million sold so far this year here.
Jamestown’s home absorption rate is out of a buyers’ real estate market with reduced home inventory. In addition, the luxury $1 million plus Jamestown home sale market commands a large part of the homes for sale. Yet, the under $500,000 home is the one that buyers are most searching for and are limited with house inventory.
Jamestown RI Home Sale Market May 2016 is buzzing…
- Jamestown’s home inventory decreased by 27% over the prior month, days on market decreased and list price to sold price increased to 95%. The average square foot cost of $350 for a sold Jamestown home this month.
- Jamestown waterfront homes had 1 luxury and waterfront home sold over $1 million. The highest price home sold this month for $1,700,000.
- 11 Jamestown RI homes sold this month is as follows: 2 homes sold under $300,000, 0 homes sold between $300,000-$400,00, 8 homes greater than $400,000 but less than $1 million and 1 home sold for over $1 million.
Discover more about the beautiful Beavertail State Park on Jamestown in this YouTube video:
The Jamestown home market went from 20 homes sold during the first five months of 2015 to 47 homes sold in the first five months of 2016. Home sold 2016 values so far decreased by 6% over 2015 for same time period to $639,000 on average.
This is the real estate news for home sellers they want to hear and buyers will need to pay more for homes in Jamestown now. But it is a long term investment for any home buyer.
The town itself is known for its stunning coast line, its true island feel, one of a kind Beavertail State Park and coastal luxury living by the locals. It is a higher end community of island homes due to its geography between the towns of Newport and North Kingstown. The island itself is called Conanicut Island and has working farms on it, stunning landscapes of the ocean and coastlines to admire yet a small town appeal.
Here are the most current and up to date Jamestown homes for sale right here under $600,000:
Are you considering buying or selling a Jamestown luxury coastal home? Discussing your home needs is essential in this market and what I can do for Jamestown clients successfully. Please reach out to me, Ginny Lacey Gorman, Jamestown RI coastal and luxury real estate agent, at 401.529.7849 or email me at Ginny@RiHouseHunt.com for a home evaluation analysis or to discuss how we can work together. I would love the opportunity to help you in your RI home search or sale.
Jamestown RI Real Estate Market Report May 2016