North Kingstown Real Estate Report October 2013
Home buyers and sellers have started the 4th quarter of 2013 in North Kingstown with a strong showing in single home sales here with more stabilization in home sales. This year is far better in home sales than last year.
- Properties currently active on the market: 180 (10% less than prior month)
- Homes sold in October 2013: 31 (29% higher than prior month)
- Average sales price: $316,460 (8% decrease from prior month)
- Median sales price: $269,000 (down 15% from prior month)
- Sales price to list price ratio: 95%
- Average days on the market: 92
- Sales currently pending: 31 (26% decrease from prior month)
Based on this most recent single home sales data, the North Kingstown RI real estate market is a Balanced market. Currently, there is 6 months of home inventory on the market.
My experience has shown me that when home supply drops below 5 months, home prices rise faster and it is a seller’s market. We are not there yet. Breakdown of the 31 North Kingstown sold homes is as follows for the month of October: 17 homes sold under $300,000, 7 homes sold between $300,000-$400,000, 6 homes sold over $400,000 and 1 home sold over $1 million. The under $300,000 market is clearly the desired market in home sales for buyers here.
Interested in North Kingstown homes for sale? Get your mortgage pre-approval letter from your lender in hand and be prepared to buy. Talk to me, I can refer you to a number of great mortgage lenders who can assist you if you are not there yet!
North Kingstown real estate has felt the Halloween blast a bit in its October 2013 home closing rate. Home sales are up by 29% over the prior month and pending home sales are down by 26% over September. Both the sold homes and pending sales together show a balanced home market here to begin this this last quarter.
Year over year though, year to date home sales are up by 32% through October 2013 over year to date October 2012. These are huge statistics that you as a home seller or buyer need to know. Home prices continue to stabilize and are a bit down year to date, year over year with a 2% decline.
The pending homes indicates that next month home closings will be about the same in volume. Yet, this current home buying market
shows a strong 6+ months of home buying power. Realize that the homes selling here are in updated condition and at an attractive price point to obtain an accepted offer. Being ‘show ready’, right location and well priced to market combines to make a sale happen for buyers and sellers.
Home inventory will continue to decrease as many homeowners wait to put their homes on the market next spring. There is no reason to wait as the home buying market is strong, inventory down and home mortgage rates remain stable. Catch the buyer while you can with decreased competition!
Both buyers and sellers can use this North Kingstown real estate report to determine how the local home sales are performing. If you are looking to buy or sell now is the time.
Looking for a RI waterfront Real Estate Agent that knows her RI real estate market? I market clients’ homes with maximum exposure online resulting in successful home sales for clients. I would love the opportunity to help you. I live, work and play in southern RI waterfront real estate.
North Kingstown Home Sales Report October 2013