Charlestown RI Real Estate Market Update April 2014

Charlestown RI Real Estate Market Update April 2014

 

The Charlestown RI estate market update for April 2014 is provided by Ginny Lacey Gorman of RI coastal real estate.

The lack of home inventory under $400,000 in Charlestown is moving home buyers to other southern RI communities such as Narragansett or North Kingstown.    Home buyers have indicated they want well priced homes that need minimal updating.  This is a high end home market which skews sales prices upwards but when you have the Atlantic Ocean at your doorstep, home prices can be in the high range.  This month saw no homes 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 April are up 11% over the prior month.  This community is finishing the spring market well in home sales.

Home buyers are actively seeking good land values and lower priced affordable homes under $400,000.  Both of these real estate gems will be ‘hot’ this year.

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 April 2014 home sales update for the month, as follows:

• Properties active and on the market: 94( 4 homes more than prior month)
• Single-family properties closed: 10 ( up by 11% over prior  month)
  
• Average sales price: $409,000 
• Median sales  price: $369,000 
• Sales price to list price ratio: 95% (up from 92% the prior month)
• Average days on the market: 134 
• Sales currently pending: 12 (71% increase over prior month)

 

Charlestown RI real estate sales bloomed in April which was long overdue.

Now with the changes in flood plains and insurance, waterfront homes will be evaluated with these factors in mind with future sales.  Taking steps to protect your real estate along the coast is a must for homeowners now.

Charlestown’s home absorption rate remains a buyers real estate market but is moving to a balanced 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 April, pending sales increased by 8 homes and Charlestown RI home closings increased by 1 home over the prior month.

   

• Breakdown of the 10 Charlestown RI home sales is as follows for the month: 4 homes sold under $300,000, 2 homes sold between $300,000-$400,000, 4 homes sold over $400,000.     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. 

   

Charlestown RI Real Estate Market Update April 2014

Comparing the first quarter 2013 to first quarter 2014 year to date through April, home sales are up by 22% and home sale prices in Charlestown are up 2%.  All positive news for Charlestown home sellers.

 

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 oceanfront Charlestown homes for sale.