North Kingstown Home Sale Report November 2013
Home buyers and sellers are in the midst of the 4th quarter of 2013 in North Kingstown with a slight decrease in single home sales. This has been an incredible year in home sales with a 34% increase year to date.
- Properties currently active on the market: 162 (10% less than prior month for the second month)
- Homes sold in November: 28 (10% less than prior month)
- Average sales price: $332,000 (2% increase from prior month)
- Median sales price: $310,000 (up 15% from prior month)
- Sales price to list price ratio: 96%
- Average days on the market: 97
- Sales currently pending: 39 (26% increase from prior month)
Based on this most recent single home sales data, the North Kingstown RI real estate market is a Balanced market. Currently, there is 5.8 months of home inventory on the market.
My experience has shown me that when home supply drops below 5 months, home prices rise faster and it is a seller’s market. We are not there yet. Breakdown of the 28 North Kingstown sold homes is as follows for the month of November: 13 homes sold under $300,000, 9 homes sold between $300,000-$400,000 and 6 homes sold over $400,000. The under $300,000 market is clearly the desired market in home sales for buyers here.
Interested in North Kingstown homes for sale? Get your mortgage pre-approval letter from your lender in hand and be prepared to buy. Talk to me, I can refer you to a number of great mortgage lenders who can assist you if you are not there yet!
North Kingstown real estate has felt the Thanksgiving blast a bit in its November 2013 home closing rate. Home sales have slowed by 10% over the prior month and pending home sales are up by 26% over October. Both the sold homes and pending sales together show a balanced home market here to begin this this last quarter.
Year over year though, year to date home sales are up by 34% through November 2013 over year to date November 2012. These are huge statistics that you as a home seller or buyer need to know. Home prices continue to stabilize and are slightly less year to date, year over year with a 2% decline.
The pending homes indicates that next month home closings will be about the same show an increase in volume. Yet, this current home buying market
shows a strong 6 months of home buying power. Realize that the homes selling here are in updated condition and at an attractive price point to obtain an accepted offer. Being ‘show ready’, right location and well priced to market combines to make a sale happen for buyers and sellers.
Home inventory will continue to decrease as many homeowners wait to put their homes on the market next spring. There is no reason to wait as the home buying market is strong, inventory down and home mortgage rates remain stable. Catch the buyer while you can with decreased competition!
Both buyers and sellers can use this North Kingstown real estate report to determine how the local home sales are performing. If you are looking to buy or sell now is the time.
Looking for a RI waterfront Real Estate Agent that knows her RI real estate market? I market clients’ homes with maximum exposure online resulting in successful home sales for clients. I would love the opportunity to help you. I live, work and play in southern RI waterfront real estate.
Please call me at (401) 529-7849 to find out what your Rhode Island home is worth and/or to discuss your housing buying needs. Contact Ginny Lacey Gorman today at Ginny@RiHouseHunt.com.
North Kingstown RI Real Estate Report for November 2013 home sales for your review and questions.