Narragansett RI Real Estate Market December 2014
Year End Market Report
The Narragansett RI real estate market update for December 2014 is feeling an unusual seasonal uptick in home sales. Real estate sales this month were up 27% over the prior month. This year has seen an overall 2% increase in Narragansett home sales.
Overall the Narragansett home sale market for the year is up 2% through December as compared to same time period in 2013 (5 more homes sold in 2014). Home sale values decreased by 6% over this same time period in 2014 over 2013.
As this is one of the RI coastal real estate waterfront beach towns to reside in, Narragansett offers a variety of property choices. The choice of homes with beachfront is here and you may buy one of your own if you have the right ‘ka-ching’ for this purchase.
Claim your cottage or have plenty of cash for your Ocean Road, Great Island, Anawan Cliffs or oceanfront Narragansett neighborhood home, the desirability never seems to lessen with home buyers. Let us take a look at what the market is doing this month in home sales…
The Narragansett home sale market December 2014 update is as follows:
- Properties active and on the market: 106 (-20% less than the prior month)
- Single-family properties sold in the month: 14 (27% increase over prior month)
- Average sales price: $ 581,000
- Median sales price: $ 494,000
- Sales price to list price ratio: 91%
- Average days on the market: 123
- Sales currently pending: 13 (equal to the prior month)
Narragansett homes sale absorption rate decreased to 7 months worth of home inventory. It is a balanced market in real estate market here. One of the neighborhoods in demand is Narragansett Pier which has few homes on the market, homes here go into contract quickly and the price point will likely put you up over $500,000 for a move in ready home here. Remember that the RI real estate here, we are talking land, is expensive so small lots are the norm especially in the beach neighborhood.
So the Narragansett real estate market from January 2014 through December 2014 shows home sales up by 2% (5 more homes sold in 2014) to the same time period in 2013. And Narragansett home prices have decreased by 6% for 2014 over 2013.
Most of this price decrease is due to the luxury Narragansett real estate market over $1 million. In 2014, 12 homes were sold over $1 million whereas in 2013 20 homes sold for over $1 million. There was a 40% drop in the luxury home market in Narragansett in 2014 which did impact home sale values.
Narragansett RI Real Estate Market December 2014
- Breakdown of the 14 Narragansett home sales this month is as follows: 3 homes sold under $300,000, 2 homes sold between $300,000-$400,000 and 7 homes sold over $400,000 and 2 homes sold over a million dollars this month. In December, the homes in the over $400,000 price range generated the most buyers interest as reflected in their home purchases.
- The luxury oceanfront Narragansett home market felt the calming surf as 2 homes on the water sold for over $1 million.
Staying informed on Narragansett Home Sales in December 2014 and its trending is key to every homeowner who is thinking of selling their home. Know thy market, work with a real estate agent who really knows online marketing and plan pricing your home listing well.
Consider an agent that uses state of the art aerial videos to showcase, market and sell your Narragansett home the right way. Online marketing is a key tool in marketing and successfully selling your home.
The Narragansett homes sale market remains steady and is still hot with buyers in the winter months. This RI waterfront community in Washington county is known for its beaches, oceanfront Narragansett Pier, fabulous seafood restaurants and great RI public schools.
Other past Narragansett Home Sale Reports:
Narragansett RI Real Estate Market Update November 2014
Narragansett RI Real Estate Market Update October 2014
Narragansett RI Real Estate Market Update September 2014
Looking to buy a Narragansett home for sale? You have come to the right place! Let me help guide you through the southern RI real estate maze of homes. My knowledge of Narragansett neighborhoods ( Great Island, Calef Avenue, Harbour Island, etc.) and southern RI condo complexes is an asset to you as a seller.
I lived in Narragansett for many years, know the neighborhoods well and enjoy the life style here. This community really imparts a flare of beach, oceanfront and seaside living…if that is what you are looking for, you have found the right coastal RI community! Whether it is for vacation or year round living, it is a sweet community to live in.
