South Kingstown Real Estate Market Report November 2013
The South Kingstown RI real estate market update for November is continuing its steady run in home sales.
As 2013 is nearing its end, South Kingstown’s real estate market has slowed in home closings in November.
Additionally, South Kingstown waterfront luxury home sales are still plentiful for buyers with cash on hand! It is said you live once so buy the property of the dreams if you find you can afford to. Let us take a look at how the South Kingstown home sales market is doing this month in real estate contracts and closings….
- Properties currently active on the market: 226 (3% drop in inventory)
- Single-family properties closed in November: 25 (29% decrease in sales over prior month)
- Average home sales price: $ 406,000
- Median home sales price: $ 272,000
- Home Sales price to list price ratio: 95%
- Average days a home is on the market: 143
- Median days a home is on the market: 102
- Home Sales currently pending: 36 ( 8% decrease over prior month)
South Kingstown RI home absorption rate has crept up to 9 months which is a buyers market in homes.
The number of days a home is on the real estate market prior to going into pending status is just about 4.8 months on average. What does this mean for home sellers? So homes are taking more time to sell. Price to the market and condition of home and you, as a seller, will sell your home faster and at the market price.
A breakdown of the 25 South Kingstown RI home sales for the month is as follows: 16 homes sold under $300,000, 6 homes sold between $300,000-$400,000, 2 homes over $400,000 and 1 home over $1 million. The under $300,000 market is continuing to be the strongest market in South Kingstown RI real estate for another month.
Active homes on the market decreased by 3% over the prior month, pending sales decreased by 8% and home sales decreased by 29% over the prior month.
Year to date home sales in November 2013 are up by 12% over year to date November 2012. Home sale prices are up over a year ago on average by +3%. Days on market until a home contract in hand dropped minimally to 4 months.
The South Kingstown community is a waterfront South County community that is fortunate to have the University of Rhode Island campus in its borders as well as cultural music and theater, notable restaurants and good schools. Being a coastal RI town offers great beaches to all its residents whether private, town or state beaches.
Looking for a South Kingstown home for sale? Click on the link to the left and search all homes on the market right now that are active.
Searching for South Kingstown condos for sale? The opportunities for downsizing, vacation condo and retirement living are here too.
If you would like to buy a South Kingstown RI home or interested in selling, contact Ginny Lacey Gorman today at 401.529.7849 or email me at Ginny@RiHouseHunt.com. Let me guide you through the maze of South Kingstown real estate and beyond.
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Waterfront, oceanfront, luxury and coastal Rhode Island real estate are my specialty but all of RI is my backyard. When you are in need of a real estate professional and specialist for your buying, selling or relocating needs and an internet savvy marketer who sells RI houses in this real estate market call Ginny at 401.529.