Narragansett RI Real Estate Market February 2015
The Narragansett RI real estate market update for February 2015 felt again the wintry downturn in home sales down by 13% over the prior month. February was a tough winter month for all of RI real estate sales due to the constant winter storms. Yet spring is coming at us!
Overall the homes sold year to date through February 2015 are down 32% over year to date through February 2014 but home sold values are up by 3% over the same time period. Reduced affordable home inventory and weather has impacted home sales in this oceanfront community.
As this is one of the prime RI coastal real estate oceanfront beach towns to reside in, Narragansett offers home buyers a variety of property choices. Narragansett real estate is more expensive than surrounding towns so be prepared for this fact.
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 February 2015 update is as follows:
Properties active and on the market: 113 (5% more than the prior month)
- Single-family properties sold in the month: 7 (13% decrease over prior month)
- Average sales price: $ 345,000
- Median sales price: $ 363,000
- Sales price to list price ratio: 96% (last month was 96%)
- Average days on the market: 152 (32% increase in days on market)
- Sales currently pending: 10(11% increase over the prior month)
Narragansett homes sale absorption rate decreased to over 12 months worth of home inventory. It is a buyers market in real estate market here at present. However, 19% of the current home inventory is $1 million and over homes for sale which means deeper pockets are needed here to purchase choice Narragansett real estate.
One of the neighborhoods in demand is Narragansett Pier which has a few homes on the market, homes here go
into contract quickly and the price point will likely put you up well over $500,000 for a hom. Remember that the RI real estate here, we are talking land, is expensive so small lots are the norm especially in the beach neighborhood.
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 sold values. It will be interesting to see what the 2015 year of home buys brings to us. There has only been 1 over $1 million home sold in 2015 so far.
Narragansett RI Real Estate Market February 2015
- Breakdown of the 7 Narragansett home sales this month is as follows: 3 homes sold under $300,000, 3 homes sold between $300,000-$400,000 and 1 homes sold over $400,000.
- The luxury oceanfront Narragansett home market did not have any home sales this month (over $1 million).
Staying informed on Narragansett Home Sales in February 2015 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 real estate tool in marketing and successfully selling your home to set your home apart as ‘eye candy’. Consistent use of social media to promote Narragansett real estate is essential to all home sellers from a RI real estate agent.
The Narragansett homes sale market remains steady and is still selling with home 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.
Looking to buy a Narragansett home for sale? You have come to the right place! Let me help guide you through the Narragansett maze of homes. My knowledge of Narragansett neighborhoods ( Great Island, Calef Avenue, Harbour Island, etc.) and Narragansett RI condo complexes is an asset to you as a seller or buyer. The time to find the neighborhoods you want to live in is now before the crazy activity of spring begins.
Narragansett RI Real Estate Market February 2015
~~~~~~~~~~~~~~~~~~~~~~
Having lived in Narragansett for many years, I know the neighborhoods well and enjoy the life style here year round. This southern Rhode Island 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!
