Narragansett RI Real Estate Market November 2015
The Narragansett RI home sale market November 2015 is feeling the late fall decrease in home sales down by 18% over the prior month. November is a month for all of RI coastal real estate sales to be slower. This oceanfront southern Rhode Island community has retreated a bit but pending homes are equal to the prior month which says sales are still strong. Yet, comparing 2015 year to date through November over y-t-d through November 2014 shows a 7% increase in home sold values and an even number in home sales so far this year in Narragansett compared to y-t-d 2014. The average house still commands an above average price for the Rhode Island real estate market at $509,000, $322 per square foot cost and is on the market for 3 months until in pending sales agreement. It continues to be a hot market for home buyers especially on the ocean.
A reduced affordable home inventory market has impacted home sales so far this year and they are equal to last year at this time. The question is will Narragansett home sales be made up for it by December?
Narragansett RI Real Estate Market Update November 2015
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 since there is a reduced inventory of land and lots are usually smaller. Be prepared for this and always make sure your financing is in place.
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 November 2015 update is as follows:
Properties active and on the market: 141 (14% less than the prior month)
- Single-family properties sold in the month: 18 (18% decrease over prior month)
- Average sales price: $ 433,000
- Median sales price: $ 362,000
- Sales price to list price ratio: 96% (96% last month)
- Average days on the market: 108 (60 days prior month)
- Sales currently pending: 22 (same as prior month)
Narragansett homes sale absorption rate is 7.8 months worth of home inventory. It is a buyers market in real estate market at higher price points and neighborhoods.
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. It is expensive so small lots are the norm especially in the beach neighborhood.
There have been 10 – $1 million plus luxury Narragansett homes sold in 2015 so far. The Narragansett luxury market of homes has been strong this year.
Narragansett RI Real Estate Market November 2015
- Breakdown of the 18 Narragansett home sales this month is as follows: 7 homes sold under $300,000, 3 homes sold between $300,000-$400,000, 7 homes sold over $400,000 but less than $1 million and 1 home sold for over $1 million.
- The luxury oceanfront Narragansett home market had 1 home sale this month.
Staying informed on Narragansett Real Estate Sales in November 2015 and its trending analysis 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 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 to obtain a high price.
The Narragansett homes sale market remains steady and is still selling with home buyers as we are at the end of fall. This RI waterfront community in Washington County is known for its beaches, oceanfront beaches, eclectic seafood restaurants and good RI public schools. It will be a continuing them of must have property in 2016!
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 Narragansett homes for sale between $300,000-$800,000 are here for your viewing:
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 the Pier or beyond. From the side streets of Caswell and Boon Streets to Othmar and Brown Streets, the 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.
As always, call me, Ginny Lacey Gorman, at (401) 529-7849 or email me at RiByTheBay@gmail.com so we may discuss your RI real estate options and set up an appointment to meet.
Narragansett RI Real Estate Market November 2015
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