North Kingstown Home Sale Recap for October 2017
This is the North Kingstown RI single family housing market update for October 2017 provided by Ginny Lacey Gorman, top selling North Kingstown RI real estate agent.
The fall season is upon us with the cool Narragansett Bay waters drawing the home buyers into this southern RI town. This month is showing an increase in home sales over the prior month up by 43%* and pending home sales have slowed over the prior month down by 13%. Home sold values here are up by 6% in the first ten months 2017 over same period in 2016 and home sales numbers are down 14% over the same time period due to decreased homes for sale.
And you are asking why is that? What makes North Kingstown the town to move into and live?
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. North Kingstown is geographically nearly in the center of Rhode Island coastal real estate which makes commuting to Providence or south via Routes 1,4 or 95 an added bonus to all who live here. There is a suburban living environment here with the salt water close at hand that is so enticing to buyers.
Let us look at this month of home sales in North Kingstown first and understand why buyers are still drawn to it. Home inventory is lacking under $450,000 where the many of home buyers are looking for homes especially first time home buyers. Buyers prefer homes to be renovated and move in ready in order to receive qualified offers.
North Kingstown Real Estate October 2017 home sale information is as follows for your review:
- Properties currently Active on the market: 109( 3% decrease over prior month)
- 18 homes of the Active homes on the market (of the 109) are in sales agreement already waiting to close
- Single-family properties closed this month: 40* ( 39% increase over the prior month)
- Average sales price: $439,000
- Median sales price: $ 369,000
- Sales price to list price ratio: 95% (99% last month)
- Average days on the market: 73 (45 days last month)
- Sales currently pending: 26 (30 homes were in pending last month)
North Kingstown home absorption rate for the month is 2.8 months of home inventory (a normal market is 5-7 months of inventory ). Based on this most recent home sales data, the North Kingstown real estate market is a sellers market at present.
- 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 40 North Kingstown sold homes is as follows for the month: 14 homes sold under $300,000, 9 homes sold between $300,000-$400,000, 14 homes sold over $400,000 and 3 homes sold over $ 1 million. The highest priced home sold is just outside the Wickford neighborhood.
As an update and side note to this North Kingstown home sale market it is apparent that sellers are not willing to place their homes on the market until they identify a home they wish to purchase. This is because homes are ‘scarce’ in so many price ranges. Buyers need to really understand what this means. You will be paying top dollar for homes that are move in ready in the right location and at market price. Make sure you work with a real estate agent who knows the market and can negotiate well for you. You need to be first in line when a home comes on the market now.
My successful Video Strategic Marketing and consistent on line marketing increases home sales in North Kingstown and all or RI for home sellers. Discover why my state of the art marketing has sold homes with higher prices for my clients more than any other agent. Presenting the home from the air, land or sea determines what is the best eye candy for home buyers.
North Kingstown Year over Year Home Sale Statistics as of October 2017
North Kingstown home sales for the first ten months of 2017 as compared to January-October 2016 shows a 14% decrease in home sold numbers (from 364 homes sold in January-October 2016 to 314 homes sold in January-October 2017). During this same period a 6% average increase in home sold prices occurred (from $373,000 in first ten months of 2016 to $394,000 so far in 2017).
Real estate sold values have increased in 2017 as compared to the first ten months of 2016 because a variety of priced homes are selling this year in greater numbers. These are facts and figures every seller and buyer needs to know. The average home sale in October 2017 closed in 73 days and the price per above ground square foot is $223 for the average sale this month. Again limited home inventory in 2017 as compared to 2016 is the other reason buyers have not been able to buy a home yet.
Looking for North Kingstown homes for sale? Or perhaps you are considering relocating to North Kingstown? Click the highlighted links to explore the right RI reasons to buy in North Kingstown and one of the many desirable neighborhoods here.
Looking for the newest homes and condos in North Kingstown? This is new construction homes/condos that may be in your price range but vary in availability. Yet, there are resale homes/condos also to consider here. Remember not to go it alone when buying a home. As a buyers’ agent there is no cost for my real estate guidance and strategic negotiation skills for clients who hire me and I represent you unlike the sellers’ agent.
Here is a sampling of the most current North Kingstown home inventory for sale under $500,000:
Here are the Most North Kingstown homes for sale over $500,00:
Finding the most knowledgeable information for this town when you are home buying or selling is essential. Talk with me about North Kingstown real estate and what you need to know in this market. I live, play and work here and know the southern RI neighborhoods like the back of my hand. Why would you entrust your home to someone to sell who is not a true North Kingstown specialist? Reach me at 401.529.7849 or at ginny@RIHouseHunt.com today.
*Late data reporting on home sales adjusted the sales figures up as of 11/19/2017.
North Kingstown Real Estate Market October 2017 Recap
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 North Kingstown RI coastal and luxury real estate agent leaving no home behind for my buyers and sellers. My area is all of Rhode Island in listing guidance. 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 makes my day. I live, work and play in North Kingstown and know this town like the back of my hand. Call on me to guide you well in your real estate search here and/or to refer you onto a trusted real estate professional in another state.