Narragansett RI Real Estate Market May 2015
The Narragansett RI home sale market May 2015 is feeling the spring uptick in home sales up by 21% over the prior month. May is a warmer month for all of RI coastal real estate sales and the home sales support it. This oceanfront southern Rhode Island community is a buzz with the continued upward swing in home sales. Yet, comparing 2015 year to date through May over y-t-d through May 2014 shows a 5% decrease in home sold values so far this year in Narragansett.
Overall the homes sold year to date through May 2015 are down 33% over year to date May 2014. Reduced affordable home inventory, stronger buying power in a number of other coastal towns and weather has impacted home sales in this oceanfront community so far this year. The question is will Narragansett home sales be made up for it in the summer months.
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 May 2015 update is as follows:
Properties active and on the market: 176 (12% more than the prior month)
- Single-family properties sold in the month: 17 (21% increase over prior month)
- Average sales price: $ 459,000
- Median sales price: $ 410,000
- Sales price to list price ratio: 95% (last month was 96%)
- Average days on the market: 149 (53% increase in days on market)
- Sales currently pending: 22(same as the prior month)
Narragansett homes sale absorption rate is 10 months worth of home inventory. It is a buyers market in real estate market at certain price points and locations. Know that 17% of the current home inventory is $1 million and over homes for sale.
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 have only been 2 $1 million plus luxury Narragansett homes sold in 2015 so far. The Narragansett luxury market has been slow to take off this year.
Narragansett RI Real Estate Market May 2015
- Breakdown of the 17 Narragansett home sales this month is as follows: 6 homes sold under $300,000, 2 homes sold between $300,000-$400,000, 9 homes sold over $400,000 but less than $1 million and 0 homes sold for over $1 million.
- The luxury oceanfront Narragansett home market had no home sale this month (over $1 million).
Staying informed on Narragansett Real Estate Sales in May 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 as we approach summer. 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.
The most current Narragansett homes for sale $300,000- $800,000:
Narragansett RI Real Estate Market May 2015
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