Narragansett RI Real Estate Market Update August 2014
The Narragansett RI real estate market update for August 2014 is feeling a surge in home sales this month.
In fact, this Narragansett real estate market is up by 41% in home sales this month over July. Now it could be a considered a tsunami in home sales as the Pier becomes the ‘hot’ place to buy into right now.
As this is one of the RI coastal real estate better waterfront beach towns to reside in, Narragansett offers a variety property choices from home sellers. The choice of beaches is numerous here and you may garner one of your own if you have the deep pockets for it.
Claim your cottage or have plenty of cash for your Ocean Road, Great Island, Anawan Cliffs or oceanfront Narragansett home, its desirability never seems to lessen with home buyers. Let us take a look at what the market is doing this August in home sales…
The Narragansett home sale market August 2014 update is as follows:
- Properties active and on the market: 196 (-3% less than the prior month)
- Single-family properties sold in the month: 24 (up by 41% from the prior month)
- Average sales price: $ 409,000 (down by 5% over the prior month)
- Median sales price: $ 366,000
- Sales price to list price ratio: 93%
- Average days on the market: 93 (26% increase in days on market)
- Sales currently pending: 21 (24% increase over the prior month)
Narragansett homes sale absorption rate increased to 8 months worth of home inventory. It is a buyers real estate market here yet it depends upon the neighborhood too. Narragansett Pier has few homes for sale, homes here go into contract quickly and the price point will put you up over $600,000 for a move in ready home. Remember that real estate here, we are talking land, is expensive so small lots are the norm especially in the Pier neighborhood.
So the Narragansett real estate market from January 2014 through August 2014 shows home sales EVEN over the same time period in 2013 which is continued good news for sellers. And the Narragansett home prices have decreased by 2 % over the same time period 2014 over 2013.
Narragansett RI Real Estate Market Update August 2014
- Breakdown of the 24 Narragansett home sales in August is as follows: 9 homes sold under $300,000,6 homes sold between $300,000-$400,000 and 9 homes sold over $400,000. In August, the homes in the under $300,000 and over $400,000 price range generated the most buyers interest as reflected in their home purchases.
- The luxury oceanfront Narragansett home market felt the calming surf as no homes on the water over $1 million sold. This is the second month in 5 months that this is the case.
Staying informed on Narragansett Home Sales in August 2014 is key to every homeowner who is thinking of selling their home of being informed on the market. Know thy market, work with a RI real estate agent who really knows marketing and plan pricing your listing well.
Consider an agent that uses state of the art aerial videos to showcase, market and sell your Narragansett home the right way. Online marketing is a key tool in marketing your home.
The Narragansett home sales market continues to increase moderately since 2011.
The Narragansett homes sale market remains steady, is hot with buyers and is moderating now for the fall. This RI waterfront community in Washington county is known for its beaches, oceanfront Narragansett Pier, fabulous seafood restaurants and great RI public schools.
Other past Narragansett Home Sale Reports:
Narragansett RI Real Estate Market Update July 2014
Narragansett RI Real Estate Market Update June 2014
Looking to buy a Narragansett home for sale? You have come to the right place! Let me help guide you through the southern RI real estate maze of homes. My knowledge of Narragansett neighborhoods ( Great Island, Calef Avenue, Harbour Island, etc.) and southern RI condo complexes is an asset to you as a seller.
I lived in Narragansett for many years, know it so well and enjoy the life style here. This community really imparts a flare of beach, oceanfront and seaside living…if that is what you are looking for, you have found the right coastal RI community!
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