Narragansett RI Home Sales Market May 2016
Narragansett’s Home Sale Inventory
The Narragansett home sale market in May 2016 is riding the buyers wave in home sales up by 12% over the prior month. May is a month for all of RI coastal real estate sales that warmed the hearts and pocketbooks of interested buyers. This oceanfront southern Rhode Island community has blossomed well with home sales so far this year.
Comparing 2016 over 2015, a 14% increase in home sold values and a 36% increase in the number of home sales took place in the first five months of 2016 over 2015! The average Narragansett house still commands an above average price for the Rhode Island real estate market at $530,000. Also, sold homes are on the market for 2.9 months until going into pending sales agreement. It continues to be a busy and competitive market for home buyers especially on or within walking distance to the ocean.
The question is will Narragansett RI real estate coastal home sales continue their upwards momentum in 2016? If you are a potential home seller why are you waiting to sell? Now is the time to get ahead of the curve.
Narragansett RI Real Estate Market May 2016 Report
As this is one of the prime southern RI coastal real estate oceanfront beach towns to reside in, Narragansett offers home buyers a variety of property choices. Narragansett homes for sale are more expensive than surrounding towns since there is a reduced inventory of land and lots are usually smaller. Be prepared for this and always make sure your financing is in place.
Claim your location or have plenty of cash for your Ocean Road, Great Island, Anawan Cliffs, Calef Avenue, Narragansett Pier or oceanfront Narragansett neighborhood home. The desirability never seems to lessen with home buyers here. Let us take a look at what the market is doing this month in home sales…
The Narragansett home sale market May 2016 update is as follows:
Properties active and on the market: 154 (33% more than the prior month)
- Single-family properties sold in the month: 15 (12% more than prior month)
- Average sales price: $ 534,000
- Median sales price: $ 395,000
- Sales price to list price ratio: 96% (96% last month)
- Average days on the market: 87
- Sales currently pending: 25 (14% more than prior month)
Narragansett homes sale absorption rate is 9 months worth of home inventory. It is a buyers market in real estate market this May. Again it depends upon the price point since homes under $300,000 move very quickly.
One of the neighborhoods in demand is Narragansett Pier which has a few homes on the market, homes here go into contract quickly and the price point will put you up well over $500,000. Remember that the RI real estate here, we are talking land. It is expensive so small lots are the norm especially in the beach neighborhood.
Eleven – $1 million plus luxury Narragansett homes sold in 2015. Nine Narragansett luxury market homes sold over $1 million this year so far and we are not halfway through the year yet
Let us review the breakdown of home sales in Narragansett RI Real Estate Market this month:
- Breakdown of the 15 Narragansett home sales this month is as follows: 3 homes sold under $300,000, 5 homes sold between $300,000-$400,000, 5 homes sold over $400,000 but less than $1 million and 2 homes sold for over $1 million.
- The luxury oceanfront Narragansett home market is an active market for luxury RI home buyers.
- The highest sold priced home this month was on Ocean Road for $2,225,000. While the average square foot cost of a Narragansett sold home is $316 per square foot this year.
Staying informed on Narragansett Real Estate Sales in May 2016 and its trending analysis is key to every homeowner who is thinking of selling their home. Know the home market, work with a knowledgeable local real estate agent who knows online marketing and price your home right.
Consider an agent that uses state of the art aerial videos to showcase, market and sell your Narragansett home the right way. Online marketing is a key real estate tool in marketing and successfully selling your home to set your home apart as ‘eye candy’. Consistent use of social media to promote real estate is essential to all home sellers to obtain a high price.
The Narragansett homes sale market remains upwards and is still selling with home buyers this spring. It does not seem to matter the time of year for oceanfront buying is always on buyers minds. This RI waterfront community in Washington County is known for its beaches, oceanfront beaches, seafood restaurants and good RI public schools.
Looking to buy a Narragansett home for sale? You have come to the right place! Let me help guide you through the Narragansett maze of homes. My knowledge of Narragansett neighborhoods ( Great Island,Calef Avenue, Harbour Island, etc.) and condo complexes is an asset to you as a seller. The time to find the neighborhoods you want to live in is now.
The Most current Narragansett homes for sale $800,000 and up are here for your viewing:
Finding the right luxury Narragansett home for sale to fit your needs is important. You do not want to miss a wonderful location or home that meets your needs. Like a safari, the watchful eye must be out there scanning and viewing the current market continuously for that right place in Narragansett or beyond. From the side streets of Caswell and Boon Streets to Othmar, Rodman and Brown Streets and on, the Narragansett house hunt is the name of the game here.
Whether you are buying or selling in the RI coastal real estate market, I would love the opportunity to earn your trust and business. Having lived for many years in the Narragansett community, I know and love it well.
As always, call me, Ginny Lacey Gorman, at (401) 529-7849 or email me at ginny@RiHouseHunt.com so we may discuss your RI real estate options.
May 2016 Narragansett RI Home Sales Market