North Kingstown RI Real Estate Market for February 2014
Wickford RI Harbor view
This North Kingstown RI single family real estate market data update for February 2014 is provided by Ginny Lacey Gorman of RI coastal real estate. There is no doubt the winter weather is impacting home buyers. However, the true home buyers are out and home buying carefully.
In this RI coastal community it is about the community, life style, schools and great real estate that draws home buyers here.
The month of February home sales data are as follows:
- Properties currently active on the market: 135 (2% decrease over prior month)
- Single-family properties closed in February 2014: 12 (33% decrease over prior month)
- Average sales price: $ 310,000
- Median sales price: $ 296,000
- Sales price to list price ratio: 93%
- Average days on the market: 128
- Sales currently pending: 29 (26% decrease over prior month)
North Kingstown home absorption rate for February is nearly 11 months of home inventory (a normal market would be 5-7 months of inventory and considered a balanced market). The home inventory has stayed constant whereas home sales have decreased this winter. Based on this most recent home sales data, the North Kingstown real estate market is a buyers 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 12 North Kingstown sold homes is as follows for the month: 6 homes sold under $300,000, 4 homes sold between $300,000-$400,000 and 2 homes sold over $400,000. The under $300,000 market remains the strongest selling market in home sales in February.
North Kingstown RI Real Estate Market February 2014
The North Kingstown RI 2014 real estate home market, considering the snowy weather, is a viable and active home market. Stabilization of home prices and a higher list price to home sale price are important factors in a better real estate market. That is what we are expecting in this RI real estate market in 2014.
The average square foot cost of a North Kingstown home sold was $180/sq.ft. in 2013 which is important information to keep and compare against this year. Home sales are equal in February 2014 to February 2013 which is in keeping with the winter chill market I would say.
Looking for North Kingstown homes for sale? Or perhaps you are considering relocating to North Kingstown? Click the highlighted links and explore the great southern RI reasons to buy here that awaits you in my RI real estate area.
Contact 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 my 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 for February 2014 informative.