North Kingstown RI Real Estate Market June 2014
This North Kingstown RI single family real estate market data update for June 2014 is provided by Ginny Lacey Gorman of RI coastal real estate. The summer real estate market has ramped back up this month with a 52% increase in home sales over May. Year to date sales are still down 7% over 2013 through June but home values are up by +3%.
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.
The month of June home sales data are as follows:
- Properties currently active on the market: 205 (4%% increase over prior month)
- Single-family properties closed in June 2014: 35 (52% increase over prior month)
- Average sales price: $ 381,000
- Median sales price: $ 325,000
- Sales price to list price ratio: 96%
- Average days on the market: 92 (15% increase)
- Sales currently pending: 35 (8% decrease over prior month)
North Kingstown home absorption rate for June is 5.8 months of home inventory (a normal market would be 5-7 months of inventory and considered a balanced market). The home inventory has increased very little and home sales have increased this month thereby reducing inventory levels. Based on this most recent home sales data, the North Kingstown real estate market is 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 35 North Kingstown sold homes is as follows for the month: 14 homes sold under $300,000, 9 homes sold between $300,000-$400,000 and 12 homes sold over $400,000. The under $400,000 market remains the strongest selling market in home sales in June. However, the uptick in the over $400,000 home market shows that home owners are ‘buying up’ again in North Kingstown.
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The North Kingstown RI June 2014 home market is a viable and active RI real estate market. Know the secret sauce to pricing your home to get it sold too!
Stabilization of home prices and a higher list price to home sale price are important factors in a better real estate market. That is what we evaluate this home sales market as we enter the summer season.
North Kingstown Home sales January – June 2014 compared to January – June 2013 shows a 7% decline in home sales and a 3% (from $330,000 to $340,000) increase in home prices. This is a slight retrenchment for home sellers here…this decrease in home prices is due in part to the winter slowdown in home sales that we experienced here. Yet, home values have risen mainly due to the over $400,000 homes selling better this year than last.
Recent North Kingstown recent past real estate report:
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 RI coastal real estate agent leaving no stone unturned for my 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 my clients. I live, work and play in North Kingstown and know this town like the back of my hand. Hope you found the single family North Kingstown RI Real Estate Market Report June 2014 more than a good read but the right information to take forward.