Charlestown RI Real Estate Market Update July 2014
Comparing the year to date 2013 to year to date 2014 through July, Jamestown home sales showed an upwards trend by 7% and home sale prices in Charlestown are up an amazing 16%. All positive news for Charlestown home sellers. And home buyers here need to be quick to look, evaluate and offer on homes here especially in the under $400,000 range.
The Charlestown RI estate market update for July 2014 is provided by Ginny Lacey Gorman of RI coastal real estate.
Home inventory under $300,000 in Charlestown is lacking for home buyers and sells quickly when it comes on the market. Furthermore, home buyers have indicated they want well priced homes that need minimal updating and sellers need to understand this fact. There are five factors that will sell your home. Do you know what they are?
Realizing this is more of a high end home market which may skew sales prices upwards but when you have the Atlantic Ocean at your doorstep, home prices can be in the higher range. This month saw 1 home on the ocean close for over $1 million.
This is a waterfront and/or rural community here depending upon your desire for your Charlestown home location. Home sales here for the month of July are down by 3 homes over the prior month, yet pending home sales are up by 38%.
Home buyers are actively seeking good property values and lower priced affordable homes under $300,000. Both of these real estate gems will continue to be ‘hot’ this year but very rare to this Charlestown housing market.
Nestled in the southern part of Rhode Island, between the towns of Westerly and South Kingstown RI, this town offers oceanfront residences as well as country homes for the home buyer. It is the stunning coastline, quiet neighborhoods, beach side homes and serene landscapes that draw home buyers to this Charlestown location. Here is the July 2014 home sales update for the month, as follows:
- Properties active and on the market: 122 ( 2% more homes than prior month)
- Single-family properties closed: 6 ( 33% less homes sold than prior month)
- Average sales price: $527,000 ( 25% increase over prior month)
- Median sales price: $366,000 (20% increase over prior month)
- Sales price to list price ratio: 93% (same as last month)
- Average days on the market: 82 (5% decrease over prior month)
- Sales currently pending: 18 (38% increase over prior month)
Charlestown RI real estate sales slipped a bit in July again. One luxury oceanfront homes sold for over $1 million.
Charlestown’s home absorption rate remains a buyers real estate market.
Home absorption is the amount of time it will take to sell all the homes currently on the market without any additional homes being added to the current real estate market.
Home inventory increased in July, pending sales increased by 5 homes and Charlestown RI home closings decreased by 3 homes.
Breakdown of the 6 Charlestown RI home sales is as follows for the month: 1 home sold under $300,000, 3 homes sold between $300,000-$400,000, 1 home sold over $400,000 and 1 home sold for over $1 million. Charlestown RI homes sales still indicate that the best value for location, taxes and coastal living is the under $400,000 home market here where the strongest housing demand is.
From coastal Charlestown homes to the rural country homes. You are never far from the ocean and the Rhode Island beaches here. It is a great time to buy in the Quonnie area too if you are looking at true waterfront, walk to water or an oceanfront Charlestown homes for sale find.
Past Charlestown RI Market Reports you may be interested in reading:
Looking for a Charlestown RI waterfront real estate agent ? Ginny Lacey Gorman knows her local RI coastal real estate market. I would like the opportunity to assist you in your home search or sale. Knowing current FEMA flood map changes, building construction needs in coastal areas and staying abreast of RI septic changes is a part of my real estate skills set.
May this Charlestown RI home sales report update for July 2014 guide you in making better real estate decisions.
Charlestown RI Housing Report July 2014.