East Greenwich RI Real Estate Market May 2014
The East Greenwich RI real estate market in May 2014 is showing a less vibrant home sale market so far this year. In fact, sales are down year to date 72% from last year.
What will 2014 bring in the housing market for the remaining months? The year-to-date 2014 real estate sales numbers through May shows a 72% drop over the same period in 2013. Inventory is up but the lack of ‘show ready’ homes that buyers want is an issue.
A stunning suburb of the city of Providence, commuting distance to the big city and top rated schools draws the home buyers here. This RI real estate market’s strong yearly trend in single family home sales was demonstrated in 2013. Home sales this month have increased by 150% over the prior month but April was such a poor sales month to compare to. Yet this uptick is welcomed here.
Let us look at how this East Greenwich home sale market is doing this month:
Active homes on the market: 130 (+15% over prior month)
Average list to sales price: 95%
Average home sale price: $473,000 (+7% over prior month)
Median home sale price: $440,000(+3% over prior month)
Pending Homes: 25 (+25% over prior month)
Single family Sold Homes: 15 (150% increase in home closings over prior month)
In May, 15 single family homes sold as follows: 4 homes sold for less than $300,000, 3 homes sold between $300,000-$400,000, 7 homes sold for greater than $400,000 and 1 home sold for over $1 million. It is back to a buyers market right now in this community as home inventory is at 8.6 months.
East Greenwich RI Real Estate Market May 2014
More detailed East Greenwich May home sales information to follow:
Average home sold for $473,000 at 95% of list price and days on market was 135 (a huge increase).
Median home sold for $440,000 at 96% of list price and was on the market for 131 days prior to a sales agreement.
Comparing East Greenwich RI real estate sales year to date 2014 over year to date 2013 through May, a 72% decrease in home sales resulted. This is due to lack of inventory that is well priced. Home prices are up by 1% over the same time period in 2014 over 2013 and holding steady.
Even with these lower sales figures this year, East Greenwich has remained one of the stronger RI home markets.
Why do people move to this community of East Greenwich RI? Within Kent County this suburban town is noted for fine homes, great public schools, being near shopping malls and there is easy highway access. Its closeness to the Providence airport and the capitol of RI makes East Greenwich a choice town for commuters.
Considering Relocating to East Greenwich? Find out why so many home buyers choose it. A variety of neighborhoods from country estates to condos on Main Street is so appealing to East Greenwich real estate buyers. Noted for its choice of restaurants outside of Providence as well as marinas for boating enthusiasts.
Looking for a home in East Greenwich RI? Interested in homes for sale in East Greenwich? As an East Greenwich RI real estate specialist, I provide you insight, neighborhood information and choices for your next move. Let me do a more in depth analysis into what is happening in the market at your price point as well as surrounding towns.
East Greenwich RI Real Estate Market May 2014 shares current home sale market information for homeowners and buyers. Stop by every month for the newest in East Greenwich RI real estate information.
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