North Kingstown RI Real Estate Market February 2017 Update

 North Kingstown Home Sale Recap for February 2017

 

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

Winter is in full swing here and the North Kingstown Bay waters are still drawing the home buyers to this town.  This month is showing a slight decrease in home sales over the prior month down by 7% (inventory is decreased by 14%) while pending home sales are up from 2 homes in January to 41 homes awaiting closing this month!!  Home sale values here are down by 22% in February 2017 over February 2016 and home sales numbers are down 29% over the same period. There is a minimal inventory of homes (move in ready) to speak of under $450,000 for sale which is limiting the home sold numbers.

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

 

 

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.  Remember that the year 2016 number of homes sold was  up 25% over the prior year.  It will be difficult to continue this sold momentum up without a lot of home inventory.  North Kingstown Real Estate February 2017 home sale information is as follows for your review:

 

  • Properties currently active on the market: 91 ( 7% decrease over prior month)
  • Single-family properties closed this month: 14( 7% decrease over the prior month) North Kingstown RI Real Estate Market February 2017
  • Average sales price: $ 314,000 (last month it was $278,000)
  • Median sales  price: $ 333,000 (last month it was $217,000)
  • Sales price to list price ratio: 97%  (96% last month)
  • Average days on the market: 80 (75 days last month)
  • Sales currently pending: 41 (2 homes were in pending last month)

North Kingstown home absorption rate for the month is 6 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 balanced 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 14 North Kingstown sold homes is as follows for the month: 5 homes sold under $300,000, 5 homes sold between $300,000-$400,000, 4 homes sold over $400,000 and homes sold over $ 1 million.  The highest priced home sold is $427,000 this month on Laurel Ridge.

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 RI Real Estate Market February 2017 Update

 

 My successful Video Strategic Marketing  and consistent on line marketing increases home sales in North Kingstown and beyond 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 February 2017

 

North Kingstown home sales two months into 2017 as compared to January-February 2016 shows a 34% decrease in home sale numbers (from 44 homes sold in January-February  2016 to 29 homes sold in January-February 2017).  During this same period a 22% average decrease in home sold prices occurred (from $378,000 in January-February 2016 to $295,000  January-February 2017).

Real estate values have decreased in 2017 as compared to the first two months of 2016.  These are facts and figures every seller and buyer needs to know.  The average home sale in February 2017 closed in 80 days and the price per square foot is $199 for the average sale.  Again limited home inventory which is down nearly 60% in 2017 as compared to 2016 is the other reason buyers can not find the home of their choice.

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 under $500,000:

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, 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 February 2017 Recap

~~~~~~~~~~~~~~~~~~~~~~~~~

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.

Leave a Reply

Your email address will not be published. Required fields are marked *