North Kingstown Real Estate Market May 2017 Update

North Kingstown Home Sale Recap for May 2017

 

This is the North Kingstown RI single family housing market update for May 2017 provided by Ginny Lacey Gorman, top selling North Kingstown RI real estate agent.

Late spring is in full swing with the Narragansett Bay waters drawing the home buyers into this southern RI town.  This month is showing a increase in home sales over the prior month up by 42% (inventory increased by 18% over the prior month) and pending home sales are up to over the prior month by 23%!  Home sold values here are down by 7% in the first five months 2017 over same period in 2016 and home sales numbers are down 4% over the same period. 

And you are asking why is that?  What makes North Kingstown the town to move into and live?

North Kingstown Real Estate Market May 2017 Update

 

 

In this southern RI coastal town it is about the community, life style, schools, Wickford Village, Narragansett Bay and great real estate that draws home buyers here.  North Kingstown is geographically nearly in the center of Rhode Island coastal real estate which makes commuting to Providence or south via Routes 1,4 or 95 an added bonus to all who live here.  There is a suburban living environment here with the salt water close at hand that is so enticing to buyers.

 

Let us look at this month of home sales in North Kingstown first and understand why buyers are still drawn to it.  Home inventory is lacking under $400,000 where the majority of home buyers are looking for homes.  Buyers expect home to be updated and move in ready in order to entice buyers to make offers.

 

 North Kingstown Real Estate May 2017 home sale information is as follows for your review:

 

  • Properties currently Active on the market: 87 ( 18% increase over prior month)
  • 40 homes of the Active homes on the market (of the 87) are in sales agreement)
  • Single-family properties closed this month: 34 ( 42% increase over the prior month) North Kingstown Real Estate Market May 2017 Update
  • Average sales price: $ 436,000 (last month it was $395,000)
  • Median sales  price: $ 373,000 (last month it was $378,000)
  • Sales price to list price ratio: 98%  (97% last month)
  • Average days on the market: 65 (86 days last month)
  • Sales currently pending: 38 (31 homes were in pending last month)

North Kingstown home absorption rate for the month is 2 months of home inventory (a normal market is 5-7 months of inventory ).  Based on this most recent home sales data, the North Kingstown real estate market is a strong sellers market at present with the under $450,000 price range.  

  • Home absorption is the amount of time it will take to sell all the homes currently on the market without any additional homes being added to the current home inventory.
  • Breakdown of the 34 North Kingstown sold homes is as follows for the month: 10 homes sold under $300,000, 9 homes sold between $300,000-$400,000, 13 homes sold over $400,000 and homes sold over $ 1 million.  The highest priced home sold is $1,350,000 this month in the Wickford Village on the waterfront.

As an update and side note to this North Kingstown home sale market it is apparent that sellers are not willing to place their homes on the market until they identify a home they wish to purchase.  This is because homes are ‘scarce’ in so many price ranges.   Buyers need to really understand what this means.  You will be paying top dollar for homes that are move in ready in the right location and at market price.  Make sure you work with a real estate agent who knows the market and can negotiate well for you.  You need to be first in line when a home comes on the market now.

North Kingstown Real Estate Market May 2017 Update

 My successful Video Strategic Marketing  and consistent on line marketing increases home sales in North Kingstown and all or RI for home sellers.  Discover why my state of the art marketing has sold homes with higher prices for my clients more than any other agent.  Presenting the home from the air, land or sea determines what is the best eye candy for home buyers.  

North Kingstown Year over Year Home Sale Statistics as of May 2017

 

North Kingstown home sales for the first five months of 2017 as compared to January-May 2016 shows a 7% decrease in home sold numbers (from 143 homes sold in January-May 2016 to 118 homes sold in January-May 2017).  During this same period a 4% average decrease in home sold prices occurred (from $375,000 in first 5 months of 2016 to $361,000  so far in 2017).

Real estate sold values have decreased in 2017 as compared to the first five months of 2016 because lower priced homes are selling this year so far in greater numbers when available.  These are facts and figures every seller and buyer needs to know.  The average home sale in May 2017 closed in 65 days and the price per square foot is $222 for the average sale.  Again limited home inventory which is down considerably in 2017 as compared to 2016 is the other reason buyers have not bought yet.  A true lack of inventory.

Looking for North Kingstown homes for sale?   Or perhaps you are considering relocating to North Kingstown?  Click the highlighted links to explore the right RI reasons to buy in North Kingstown and one of the many desirable neighborhoods here.

Looking for the newest homes and condos in North Kingstown?  This is new construction homes/condos that may be in your price range and vary in availability.  Yet, there are many resale homes/condos also to consider here.   Remember not to go it alone when buying a home.  As a buyers’ agent there is no cost for my real estate guidance and strategic negotiation skills for clients who hire me.

Here is a sampling of the most current North Kingstown home inventory for sale $500,000 and under:

Finding the most knowledgeable information for this town when you are home buying or selling is essential.  Talk with me about North Kingstown real estate and what you need to know in this market.  I live, play and work here and know the southern RI neighborhoods like the back of my hand.  Why would you entrust your home to someone to sell who is not a true North Kingstown specialist?  Reach me at 401.529.7849 or at ginny@RIHouseHunt.com today.

North Kingstown RI Real Estate Market May 2017 Recap

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I would love the opportunity to help you market and sell your home for the right price and earn your trust.  I am a totally ‘hands on’ top selling North Kingstown RI coastal and luxury real estate agent leaving no home behind for my buyers and sellers.  My area is all of Rhode Island in listing guidance.  Contact me, Ginny Lacey Gorman, today at 401.529.7849 or email me at ginny@RiHouseHunt.com.

Working with home sellers everyday to list, promote and market homes successfully for clients makes my day.  I live, work and play in North Kingstown and know this town like the back of my hand.    Call on me to guide you well in your real estate search here and/or to refer you onto a trusted real estate professional in another state you are moving to.

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