Narragansett RI Real Estate Market Update May 2014
The Narragansett RI real estate market update for May 2014 is feeling a steady surge in home sales. In fact, this real estate market is up 40% in home closings over the prior month.
As this is one of the RI real estate best coastal beach towns to reside in, Narragansett homes for sale offer a variety property choices from home sellers.
Claim your cottage or have plenty of cash for your Ocean Road home. Let us take a look at what the market is doing this May in home sales…
The Narragansett home sale market May 2014 update is as follows:
- Properties active and on the market: 156 (16% higher than the prior month)
- Single-family properties sold in the month: 21 (up by 40% from the prior month)
- Average sales price: $ 564,000
- Median sales price: $ 440,000
- Sales price to list price ratio: 96%
- Average days on the market: 174 (35% increase in days on market until sales agreement reached)
- Sales currently pending: 19 (a 14% decrease over the prior month)
Narragansett homes sale absorption rate decreased to 7.4 months worth of home inventory. It is a buyers real estate market yet moving to a balanced market between buyers and sellers.
So the Narragansett real estate market from January 2014 through May 2014 shows home sales up by 4% over the same time period in 2013 which is continued good news for sellers. However, the home prices have dropped by 10% over the same time period 2014 over 2013. Still Narragansett is a brisk home sale market that appeals to many buyers.
- Breakdown of the 21 Narragansett home sales in May is as follows: 4 homes sold under $300,000, 4 homes sold between $300,000-$400,000, 11 homes sold over $400,000 and 2 homes sold over $1 million. In May, the homes in the over $400,000 price range generated the most buyers interest as reflected in their home purchases.
- The luxury oceanfront Narragansett home market felt the surf up with two $1 million and over home sales occurring. Second month is a row that luxury waterfront homes are selling here.
Staying informed on Narragansett Home Sales in May 2014 is key to every homeowner who is thinking of selling their home soon. Know thy market, work with a real estate agent who really knows this market and plan accordingly.
Consider an agent that uses state of the art aerial videos to showcase, market and sell your home.
Current home sales are up by 40% over the prior month, home inventory growth increased by 12% and pending homes in contract to close shrank by 14%. So the interest in Narragansett homes is still there with buyers.
The Narragansett home sales market continues to increase significantly since 2011 which bodes well for 2014.
Looking to buy a Narragansett home for sale? You have come to the right place! Let me help guide you through the southern RI real estate maze of homes. My knowledge of Narragansett neighborhoods ( Great Island, Calef Avenue, Harbour Island, etc.) and southern RI condo complexes is an asset to you as a seller. I lived in Narragansett for many years, know it so well and enjoy the life style here. This community really imparts a flare of beach, oceanfront and seaside living…if that is what you are looking for, you have found the right community!
If you are considering buying a coastal Narragansett RI home or interested in selling your home, contact Ginny Lacey Gorman, waterfront RI real estate agent, today at 401.529.7849 or email me at Ginny@RiHouseHunt.com. Let’s discuss your home needs now. Let my on line real estate marketing program work for you!
Narragansett RI Real Estate Market Update May 2014
