Charlestown RI Real Estate Market Update March 2014
The Charlestown RI estate market update for March 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. At present, homes on the market are priced a bit high and need updating. Home sellers need to see the truth in house values when home improvements are needed and price accordingly. Home buyers have indicated they want well priced homes that need minimal updating.
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 March are up 80% over the prior month. This community can put the winter behind as spring blooms 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 March 2014 home sales update for the month, as follows:
- Properties active and on the market: 90( 6 homes more than prior month)
- Single-family properties closed: 9 ( up by 80% over prior month)
- Average sales price: $339,000
- Median sales price: $260,000
- Sales price to list price ratio: 92% (up from 89% the prior month)
- Average days on the market: 102 (37% increase over prior month)
- Sales currently pending: 7 (17% increase over prior month)
Charlestown RI real estate sales bloomed in March which was long overdue. No luxury oceanfront homes sold for $1 million and over this month.
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. Although the Biggert- Waters Act is now put on hold with a Congressional review and delayed the flood insurance increases. Being aware of your flood zone will benefit you in years to come as a Charlestown home owner if you are a coastal homeowner.
Charlestown’s home absorption rate remains a buyers real estate market.
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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.
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Home inventory increased in March, pending sales increased by 1 home and Charlestown RI home closings increased by 4 homes over the prior month.
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Breakdown of the 9 Charlestown RI home sales is as follows for the month: 5 home sold under $300,000, 2 homes sold between $300,000-$400,000 and 2 homes sold over $400,000. Charlestown RI homes sales still indicate that the best value for location, taxes and coastal living is the under $300,000 home market here where the strongest housing demand is.
Charlestown RI Real Estate Market Update March 2014
Comparing the first quarter 2013 to first quarter 2014, home sales are up by 5%.
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.
Looking for a Charlestown RI waterfront real estate agent ? Ginny Lacey Gorman knows her RI coastal real estate market. I would love the opportunity to assist you in your 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 skills set.
Past Charlestown RI Market Reports:
February 2014 Charlestown RI Real Estate Market Report
January 2014 Charlestown RI Real Estate Market Report
May this Charlestown RI real estate report update March 2014 guide you in your RI real estate endeavors.
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