South Kingstown RI Home Sale Report July 2014
As one of the sought after Rhode Island coastal towns for living and enjoyment, the South Kingstown RI home sale report for single family homes for July 2014 follow. The summer increase of sold homes has ended and July shows a 34% decrease in sales over June.
This month’s South Kingstown real estate report is provided by Ginny Lacey Gorman of waterfront RI real estate:
- Properties currently active on the market: 285 ( -3% decrease over prior month)
- Single-family properties closed in July 2014: 30 (32% decrease over prior month)
- Average sales price: $ 302,000 ( 8% decrease in price over prior month)
- Median sales price: $285,000 ( 4% decrease in price over prior month)
- Sales price to list price ratio: 96% ( prior month was 97%)
- Average days on the market: 88 (17% increase from prior month)
- Sales currently pending: 60 (18% increase over prior month)
South Kingstown home absorption rate indicates it is a buyers market. Home absorption is the amount of time it will take to sell all the homes currently on the market.
- Breakdown of the 30 South Kingstown sold homes is as follows for the month of July: 17 homes sold under $300,000, 6 homes sold between $300,000-$400,000 and 7 homes sold for more than $400,000 but less than a million. The under $300,000 home market was the strongest buyers interest in home sales in the past month.
The summer market is weakening with a 32% decrease in home sales over the prior month. Yet, 2014 year to date home sales through July 2014 are down 8% over same time period year to date through July 2013. Home prices have remained the same as last year through July, on average, and show no increase over the same time period. What we have in home values is a ‘holding onto’ home values from the prior year with no increase.
Recent South Kingstown Home Sale Reports:
I hope that this South Kingstown July 2014 home sales report gives you the guidance in this real estate market for the coming year.