Narragansett Single Home Sales May 2018 Report
The Narragansett Rhode Island home sale market in May 2018 is well into late spring season with home sales decreasing 32% this month over the prior month. Home inventory is average now and this ocean side community continues to be an active home market.
There is no question that the Narragansett RI real estate coastal home sales continue their momentum in 2018. As this year has shown the real estate market is still active for sellers. If you are a potential home seller why are you waiting to sell? Now is the time to get ahead of the curve and sell your home with a knowledgeable RI coastal real estate agent.
Narragansett RI Real Estate Market May 2018 Report
As this is one of the prime southern RI coastal real estate oceanfront beach towns to reside in, Narragansett offers home buyers a variety of property choices. Narragansett homes for sale are more expensive than surrounding towns.
There is a reduced inventory of land here and lots are usually smaller. So it is best to be prepared for this reality and always make sure your financing is in place when buying. Homes in all price ranges are selling now equally.
Claim your location or have plenty of cash for your Ocean Road, Great Island, Anawan Cliffs, Calef Avenue,Narragansett Pier 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 2018 update is as follows:
Properties active and on the market: 87 (20% more than the prior month)
- Single-family properties sold in the month: 13 (6 less homes than prior month)
- 17 of the ‘Active’ homes are already in sales agreement heading towards inspection period
- Average sales price: $ 683,000
- Median sales price: $ 395,000
- Sales price to list price ratio: 95% (96% last month)
- Average days on the market: 73 ( 78 days prior month)
- Sales currently pending: 16 (1 more than the prior month)
- Average square foot cost of a sold home this year is $349.
Narragansett homes sale absorption rate is 6.7 months worth of home inventory this month which is currently a balanced market.
2018 May Real Estate Market Data Recap
69 homes sold in Narragansett this 2018 year through May as compared to the same time period in 2017 when 82 homes were sold (16% less homes sold so far in 2018 over 2017). The average Narragansett house still commands an above average price for the Rhode Island real estate market at $567,000 as compared to 2017 which was $573,000 through May (2% decrease in home sold values). The average square foot cost of a sold home here so far in 2018 is $349. It will continue to be a busy and competitive market for home buyers especially on or within walking distance to the ocean this year.
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 put you up well over $500,000. Remember that the RI real property here, we are talking land. It is expensive so small lots are the norm especially in the beach neighborhood.
Home sales in Narragansett RI Real Estate Market this month, as follows:
Breakdown of the Narragansett home sales this month is as follows: 3 homes sold under $300,000, 4 homes sold between $300,000-$400,000, 4 homes sold over $400,000 but less than $1 million and 2 homes sold for over $1 million.
- The luxury oceanfront Narragansett home market is an active market for luxury home buyers this year. Five homes $1 million and over have sold this year.
- The highest price home sold this month was $3,500,000 on Ocean Road.
- The average sold house has 3 bedrooms, 2 baths with 1700 square feet of living space.
Staying informed on Narragansett Real Estate Sales and its trending analysis is key to every homeowner who is thinking of selling. Know the home market, work with a knowledgeable local real estate agent who knows online marketing, can negotiate well on your behalf and price your home right.
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 real estate is essential to all home sellers to obtain a high price.
The Narragansett homes sale market remains busy and is still selling with home buyers. It does not seem to matter the time of year for oceanfront buying is always on buyers’ minds. This RI waterfront community in Washington County is known for its beaches, oceanfront beaches, 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 condo complexes is an asset to you as a seller. The time to find the neighborhoods you want to live in is now.
The most current and up to date Narragansett homes for sale are here under $800,000:
The most current and up to date Narragansett homes for sale over $800,000:
Finding the right luxury Narragansett home for sale to fit your needs is important. You do not want to miss a wonderful location or home that meets your needs. Like a safari, the watchful eye must be out there scanning and viewing the current market continuously for that right place in Narragansett or beyond. From the side streets of Caswell and Boon Streets to Othmar, Rodman and Brown Streets and on, the Narragansett house hunt is the name of the game here.
Whether you are buying or selling in the RI coastal real estate market, I would love the opportunity to earn your trust and business. Having lived for many years in the Narragansett community, I know and love it well. Work with an agent who has your interests first.
As always, call me, Ginny Lacey Gorman, at (401) 529-7849 or email me at ginny@RiHouseHunt.com so we may discuss your RI real estate options. I adore this coastline and know the neighborhoods well and my first priority is you!
May 2018 Narragansett RI Home Sales Market Recap