South Kingstown Real Estate Market August 2016 Update

What is the Current Housing Update in South Kingstown RI

 in August?

 

The South Kingstown real estate market August 2016 for single family homes stayed steady in home sales by equaling the homes sold this month over the prior month.   South Kingstown home sales have had a good summer run for sellers.

 

 

This is a stable RI home sale market where the key to home sales is pricing well.  The increase in home sales thus year shows that the market is in full swing with home inventory in need for buyers.

 

This month’s South Kingstown real estate report is provided by Ginny Lacey Gorman of coastal RI real estate.  

The Current Housing update for South Kingstown RI for August 2016 follows:

 

• Properties currently active on the market: 191 ( 2% increase over prior month)
  
• Single-family properties closed in the month: 49 (same as prior month)
• Average sales price: $ 333,000 
• Median sales  price: $ 327,000
• Sales price to list price ratio: 96% ( 96% in the prior month)
• Average days on the market: 84 (104 days in the prior month) 
• Sales currently pending: 30 ( 39% decrease over prior month)

 

• South Kingstown home absorption rate indicates it is a sellers market with current inventory.  Home absorption is the amount of time it will take to sell all the homes currently on the market without adding to it.  If sales continue this way a sellers real estate market here will be continue into fall.

 

• Breakdown of the 49 South Kingstown sold homes is as follows for the month: 23 homes sold under $300,000, 12 homes sold between $300,000-$400,000, 14 homes sold for more than $400,000 but less than a million and 0 home sold over $1 million.  The strongest selling real estate market is the under $300,000 and the over $400,000 (and under $1 million) home sales in South Kingstown.  

 

• The average square foot sales price of a home sold this year in South Kingstown is $ 214 per square foot of living space.

 

• The highest priced home sold this month in South Kingstown coastal RI real estate was $ 740,000 here.

 

South Kingstown Real Estate Market August 2016

 

274 homes were sold in South Kingstown this year through August 2016 with an average price sold of $351,000 as compared to 238 homes sold January-August 2015 with an average price of $352,000.  A increase in home sales by 15% and a leveling of home sold values nearly equal to the prior year ($351,000 vs. $352,000).

 
If you are thinking of selling your home or condo there is no time to wait, please call me, Ginny Gorman, for your home market analysis and best marketing tips today at 401.529.7849.  My neighborhood South Kingstown knowledge sells homes by attracting buyers with my online presence again and again.