North Kingstown RI Real Estate Market Update January 2014
Single family real estate market data for January 2014 for North Kingstown, RI is provided by Ginny Lacey Gorman of RI coastal real estate. The blustery and winter weather is definitely impacting home buyers as the New Year begins. However, the true buyers are out and home buying. The month of January home sales data are as follows:
- Properties currently active on the market: 138 (2% decrease over prior month)
- Single-family properties closed in January 2014: 18 (25% decrease over prior month)
- Average sales price: $ 315,000
- Median sales price: $ 226,000
- Sales price to list price ratio: 93%
- Average days on the market: 96
- Sales currently pending: 23 (12% decrease over prior month)
North Kingstown home absorption rate for January is nearly 8 months of home inventory (a normal market would be 5-7 months of inventory and considered a balanced market). 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 18 North Kingstown sold homes is as follows for the month: 13 homes sold under $300,000, 1 home sold between $300,000-$400,000 and 4 homes sold over $400,000. The under $300,000 market was the surprising strongest and hottest market in home sales in January.
North Kingstown RI Real Estate Market Update | January 2014
The North Kingstown RI 2014 real estate single family home market, considering the weather, is a viable and active home market. Stabilization of home prices, higher list price to home sale price and decreased days on market are important factors in this real estate market. That is what we are expecting in this RI real estate market in 2014. The average square foot cost of a North Kingstown home sold is $180/sq.ft. in 2013 which is important information to keep and compare against this year. Home sales are down 14% in January 2014 over January 2013.
Here are the 2012 through 2013 North Kingstown home sale numbers to catch up on:
|Year||Homes Sold||Average Sales Price||List Price/Sale Price||Days on Market|
Contact 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 January 2014 Market Report informative.