North Kingstown Real Estate Update in May
North Kingstown Home Sales Recap May 2016
This is the North Kingstown RI single family housing market update for May 2016 provided by Ginny Lacey Gorman, top selling RI real estate agent of RI coastal real estate. Summer is coming at us and the North Kingstown Bay waters are drawing the home buyers in quickly. This month is showing a slower uptick in home sales over the prior month down by 14%. Yet pending sales are equal to last month. Home sale values are up year to date by 11% through May 2016 over year to date May 2015 and home sales numbers are up 45% over the same period. North Kingstown is the most popular and wanted community to buy into so far this year in southern Rhode Island!
And you are asking why is that? What makes North Kingstown the town to move into?
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 almost in the center of Rhode Island which makes commuting to Providence or south via Rtes. 1,4 or 95 an added bonus to all who live here.
Let us look at this month of home sales in North Kingstown first and understand why buyers are drawn to it. North Kingstown Real Estate May 2016 home sale number information is as follows:
- Properties currently active on the market: 205 ( 14% increase over prior month)
- Single-family properties closed: 36 ( 14% lower than the prior month)
- Average sales price: $ 389,000
- Median sales price: $ 378,000
- Sales price to list price ratio: 97%
- Average days on the market: 81 (77 days last month)
- Sales currently pending: 53 ( equal to prior month)
North Kingstown home absorption rate for the month is 5.7 months of home inventory (a normal market is 5-7 months of inventory and considered a balanced market). The home inventory has increased too. Based on this most recent home sales data, the North Kingstown real estate market is now a balanced market.
- 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 36 North Kingstown sold homes is as follows for the month: 11 homes sold under $300,000, 11 homes sold between $300,000-$400,000, 14 homes sold over $400,000 and 0 home over $ 1 million. All price ranges of real estate market remains a strong selling market in home sales this month.
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North Kingstown Year over Year Home Sale Numbers
North Kingstown home sales this year through May 2016 compared to year to date through May 2015 shows a 45% increase in home sale numbers (from 98 homes sold in 2015 to 142 homes sold in 2016 y-t-d). During this same period a 11% average increase in home sold prices occurred (from $332,000 through January-May 2015 to $372,000 through January-May 2016).
Real estate values have increased which shows a stronger North Kingstown real estate market going forward in 2016. These are facts and figures every seller and buyer needs to know. The average home sale in May 2016 closed in 81 days and the price per square foot is $209. The highest price home sold in May 2016 was $646,000.
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 that may be in your price range.
Here is a sampling of the most current North Kingstown home inventory for sale $500,000-$1,000,000:
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 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 North Kingstown specialist? Reach me at 401.529.7849 or at ginny@RIHouseHunt.com today.
North Kingstown Real Estate Market Update May
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 unturned for my RI buyers and sellers! 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 or to refer you onto a trusted real estate professional in another state.