North Kingstown Real Estate Report September 2013
North Kingstown homes for sale update for September 2013 is provided by Ginny Lacey Gorman of RI waterfront real estate.
Home buyers and sellers have finished the North Kingstown Rhode Island summer market with a strong showing in home sales here and begin the fall market with more home sales stabilization. This year is far better in home sales than last year.
- Properties currently active on the market: 201 (1% less than prior month)
- Homes sold in September 2013: 24 (17% lower than prior month)
- Average sales price: $345,060 (up +13% from prior month)
- Median sales price: $253,750 (down 11% from prior month)
- Sales price to list price ratio: 97%
- Average days on the market: 77 (decrease by 2 days from prior month)
- Sales currently pending: 42 (-5% increase from prior month)
Based on this most recent home sales data, the North Kingstown RI real estate market is a buyers market. Currently, there is 8+ 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 24 North Kingstown sold homes is as follows for the month of September: 15 homes sold under $300,000, 3 homes sold between $300,000-$400,000, 5 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 slumped a bit in its September 2013 home closing rate. Home sales are down by 17% over the prior month and pending home sales are down by 5% over August.
Both the sold homes and pending sales together show a slower home market here to begin this fall season. Year over year though, home sales are up by 50% in September 2013 over September 2012. These are 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.
The pending homes indicates that September home closings will be a bit higher volume. Yet, this current home buying market shows a strong 8+ 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.
Both buyers and sellers can use this North Kingstown real estate report to determine how the local home sales are performing. No longer a declining market, 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.
Please call me at (401) 529-7849 to find out what your Rhode Island home is worth and/or to discuss your housing buying needs. Contact Ginny Lacey Gorman today at 401.529.7849 or email me at Ginny@RiHouseHunt.com. North Kingstown Real Estate Report September 2013.