North Kingstown RI Real Estate Market May 2014
This North Kingstown RI single family real estate market data update for May 2014 is provided by Ginny Lacey Gorman of RI coastal real estate. The spring real estate market has pulled back this month with a 8% decrease in home sales over April.
In this southern RI coastal town it is about the community, life style, schools and great real estate that draws home buyers here.
The month of May home sales data is as follows:
- Properties currently active on the market: 197 (16%% increase over prior month)
- Single-family properties closed in May 2014: 23 (8% decrease over prior month)
- Average sales price: $ 272,000
- Median sales price: $ 263,000
- Sales price to list price ratio: 97%
- Average days on the market: 80 (20% decrease)
- Sales currently pending: 38 (23% increase over prior month)
North Kingstown home absorption rate for May is 8.5 months of home inventory (a normal market would be 5-7 months of inventory and considered a balanced market). The home inventory has increased and home sales have decreased year to date. Based on this most recent home sales data, the North Kingstown real estate market is a buyers 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 23 North Kingstown sold homes is as follows for the month: 14 homes sold under $300,000, 5 homes sold between $300,000-$400,000 and 4 homes sold over $400,000. The under $300,000 market remains the strongest selling market in home sales in May.
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North Kingstown RI Real Estate Market May 2014
The North Kingstown RI May 2014 home market is a viable and active RI real estate market. 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 are looking forward to in this home sales market as we enter the summer season.
Home sales January – May 2014 compared to January – May 2013 shows a 2% decline in home sales and a 3% (from $335,000 to $325,000) decrease in home prices. This is a slight retrenchment for home sellers here…this decrease in home prices is due in part to the long winter slowdown in home sales that we experienced here. The question is will sales pick up to draw down the higher home inventory now?
Looking for North Kingstown homes for sale? Or perhaps you are considering relocating to North Kingstown? Click the highlighted links and explore the right southern RI reasons to buy here.
Recent North Kingstown recent past real estate report:
North Kingstown RI Real Estate Report April 2014
I would love the opportunity to help you sell your home for the right price and earn your trust. I am a totally ‘hands on’ top selling RI 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 for May 2014 more than a good read but the right information to take forward.
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