Narragansett RI Real Estate Market Update November 2014
The Narragansett RI real estate market update for November 2014 is feeling the seasonal pullback in home sales.
In fact, this Narragansett real estate market is down by 65% in home sales this November over the prior month. Overall the Narragansett home sale market is even this year through November as compared to same time period in 2013 (1 home more sold in 2014). Home sale values decreased by 5% over this same time period in 2014.
As this is one of the RI coastal real estate waterfront beach towns to reside in, Narragansett offers a variety of property choices. The choice of homes with beachfront is here and you may buy one of your own if you have the right ‘kaching’ for this purchase.
Claim your cottage or have plenty of cash for your Ocean Road, Great Island, Anawan Cliffs or oceanfront Narragansett neighborhood home, the desirability never seems to lessen with home buyers. Let us take a look at what the market is doing this month in home sales…
The Narragansett home sale market November 2014 update is as follows:
- Properties active and on the market: 133 (-9% less than the prior month)
- Single-family properties sold in the month: 11 (65% decrease over prior month)
- Average sales price: $ 455,000 (down by 8% over the prior month)
- Median sales price: $ 421,000
- Sales price to list price ratio: 92%
- Average days on the market: 111 ( up by 24% over prior month)
- Sales currently pending: 13 (equal to the prior month)
Narragansett homes sale absorption rate increased to 11 months worth of home inventory. It is back to a buyers market in real estate market here. One of the neighborhoods in demand is Narragansett Pier which has few homes on the market, homes here go into contract quickly and the price point will likely put you up over $500,000 for a move in ready home here. Remember that the RI real estate here, we are talking land, is expensive so small lots are the norm especially in the beach neighborhood.
So the Narragansett real estate market from January 2014 through November 2014 shows home sales equal (1 more in 2014) to the same time period in 2013. And Narragansett home prices have decreased by 5% over the same time period 2014 over 2013.
Narragansett RI Real Estate Market Update November 2014
- Breakdown of the 11 Narragansett home sales in November is as follows: 3 homes sold under $300,000, 2 homes sold between $300,000-$400,000 and 6 homes sold over $400,000 and no homes sold over a million dollars this month. In November, 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 calming surf as no homes on the water or off the coast sold for over $1 million.
Staying informed on Narragansett Home Sales in November 2014 and its trending is key to every homeowner who is thinking of selling their home. Know thy market, work with a real estate agent who really knows online marketing and plan pricing your home listing well.
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 tool in marketing and successfully selling your home.
The Narragansett homes sale market remains steady and is hot with buyers in the summer months. This RI waterfront community in Washington county is known for its beaches, oceanfront Narragansett Pier, fabulous seafood restaurants and great RI public schools.
Other past Narragansett Home Sale Reports:
Narragansett RI Real Estate Market Update October 2014
Narragansett RI Real Estate Market Update September 2014
Narragansett RI Real Estate Market Update August 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 the neighborhoods 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 coastal RI community! Whether it is for vacation or year round living, it is a sweet community to live in.
