Narragansett RI Real Estate Market March 2015
The Narragansett RI home sale market March 2015 is feeling the bloom in home sales up by 29% over the prior month. March was a cooler spring month for all of RI coastal real estate sales due to the constant winter storms. This oceanfront and beachfront southern Rhode Island community is a buzz with the continued upward swing in home sale values. Comparing 2015 year to date through March over y-t-d through March 2014 shows a 15% increase in home values so far this year in Narragansett!
Overall the homes sold year to date through March 2015 are down 38% over year to date through March 2014 but home sold values are up. 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 here. Let us take a look at what the market is doing this month in home sales…
The Narragansett home sale market March 2015 update is as follows:
Properties active and on the market: 121 (7% more than the prior month)
- Single-family properties sold in the month: 9 (29% increase over prior month)
- Average sales price: $ 490,000
- Median sales price: $ 425,000
- Sales price to list price ratio: 96% (last month was 96%)
- Average days on the market: 140 (8% decrease in days on market)
- Sales currently pending: 19(90% increase over the prior month)
Narragansett homes sale absorption rate is over 12 months worth of home inventory. It is a buyers market in real estate market at certain price points and locations. Know that 21% of the current home inventory is $1 million and over homes for sale. This 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. Remember that the RI real estate here, we are talking land, is expensive so small lots are the norm especially in the beach neighborhood.
There has only been 1 over $1 million luxury home sold in 2015 so far. The Narragansett luxury market has been slow to take off this year.
Narragansett RI Real Estate Market March 2015
- Breakdown of the 9 Narragansett home sales this month is as follows: 2 homes sold under $300,000, 1 home sold between $300,000-$400,000 and 6 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 Real Estate Sales in March 2015 and its trending is key to every homeowner who is thinking of selling their home. Know the home market, work with a knowledgeable real estate agent who knows online marketing and price your home 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 spring months. This RI waterfront community in Washington County is known for its beaches, oceanfront beaches, eclectic seafood restaurants and good 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.
Current Narragansett homes for sale $300,000 to $800,000:
I know this community well having lived in it for many years. Email me at ginny@RIHouseHunt.com when you are ready to market your home or buy in this Narragansett town.
Narragansett RI Real Estate Market March 2015
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