North Kingstown Housing Market Update August 2014
This North Kingstown RI single family housing market data update for August 2014 is provided by Ginny Lacey Gorman of RI coastal real estate. The remnants of summer real estate market is behind us but August proved to be a slow housing month with home sales off 20%. Yet, year to date home sales here are still down a bit, 5%, over 2013 through August but home values are up by +7% during the same time period. This is due to the higher priced homes and commanding good resale value during July and August.
In this southern RI coastal town it is about the community, life style, schools, Wickford Village, Narragansett Bay and great real estate that draws home buyers here.
The month of August real estate data is as follows:
- Properties currently active on the market: 204 (4% decrease over prior month)
- Single-family properties closed in August: 28 (20% decrease over prior month)
- Average sales price: $ 403,000 ( 31% increase over prior month)
- Median sales price: $ 386,000 ( 42% increase over prior month)
- Sales price to list price ratio: 96% ( same as last month)
- Average days on the market: 78 ( 12% decrease over prior month)
- Sales currently pending: 37 ( 6% increase over prior month)
North Kingstown home absorption rate for the month is 7.3 months of home inventory (a normal market would be 5-7 months of inventory and considered a balanced market). The home inventory has decreased a bit and real estate sales have remained steady this summer. Based on this most recent home sales data, the North Kingstown real estate market is heading towards a balanced market.
- Home absorption is the amount of time it will take to sell all the homes currently on the market without any additional homes being added to the current home inventory.
- Breakdown of the 28 North Kingstown sold homes is as follows for the month: 8 homes sold under $300,000, 9 homes sold between $300,000-$400,000 and 11 homes sold over $400,000 and no homes sold over $1 million. The over $400,000 market remains the strongest selling market in home sales in August. However, the dollar value of sold homes were strong in every price range but primarily on the over $400,000.
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North Kingstown Housing Market Update August 2014
The North Kingstown RI August 2014 home market is a viable and active real estate market. Know the secret sauce to pricing your home to get it sold today!
North Kingstown Home sales January – August 2014 compared to January – August 2013 shows a 5% decline in home sales and a 7% (from $319,000 to $342,000) increase in home prices. Real estate values have risen mainly due to the over $400,000 homes selling better this year than last which is an encouraging sign for homeowners at this price point.
Looking for North Kingstown homes for sale? Or perhaps you are considering relocating to North Kingstown? Click the highlighted links to explore the right southern RI reasons to buy in North Kingstown whether in Wickford or one of the many desirable neighborhoods here.
Recent North Kingstown recent past real estate reports follow:
North Kingstown RI Real Estate Report July 2014
North Kingstown RI Real Estate Report June 2014
North Kingstown RI Real Estate Report May 2014
I would love the opportunity to help you market and sell your home for the right price and earn your trust. I am a totally ‘hands on’ top selling RI real estate agent leaving no stone unturned for my buyers and sellers!
Contact me, Ginny Lacey Gorman, today at 401.529.7849 or email me at ginny@RiHouseHunt.com. Working with home sellers everyday to list, promote and market homes successfully for clients. I live, work and play in North Kingstown and know this town like the back of my hand. Hope you found the single family North Kingstown RI Real Estate Market Report August 2014 more than a good read and the right information to take forward.
Here are some of the latest homes for sale in North Kingstown $250,000 and less:
North Kingstown Housing Market Update August 2014
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