North Kingstown Home Sale Recap for March 2017
(Updated 4/7/17 Due to Late Sold Reporting Statistics)
This is the North Kingstown RI single family housing market update for March 2017 provided by Ginny Lacey Gorman, top selling North Kingstown RI real estate agent.
Winter is over and spring is here and the North Kingstown Bay waters are still drawing the home buyers in. This month is showing a large increase in home sales over the prior month up by 88% (inventory increased by 9%) while pending home sales are down over the prior month by 20%. Home sold values here are down by 18% in the first quarter 2017 over first quarter 2016 and home sales numbers are down 9% over the same period. There is a minimal inventory of homes (move in ready) under $450,000 for sale which is limiting the home sold numbers.
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. Remember that the year 2016 number of homes sold was up 25% over the prior year. It will be difficult to continue this home sold momentum up without a lot of new home inventory. North Kingstown Real Estate March 2017 home sale information is as follows for your review:
- Properties currently active on the market: 97 ( 9% increase over prior month)
- Single-family properties closed this month: 30 ( 88% increase over the prior month)
- Average sales price: $ 327,000 (last month it was $314,000)
- Median sales price: $ 289,000 (last month it was $333,000)
- Sales price to list price ratio: 96% (97% last month)
- Average days on the market: 56 (80 days last month)
- Sales currently pending: 33 (41 homes were in pending last month)
North Kingstown home absorption rate for the month is 3 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 strong sellers market at present with the under $450,000 price range.
- 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 30 North Kingstown sold homes is as follows for the month: 17 homes sold under $300,000, 5 homes sold between $300,000-$400,000, 8 homes sold over $400,000 and 0 homes sold over $ 1 million. The highest priced home sold is $710,000 this month on Tockwotton Farm Rd.
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 March 2017
North Kingstown home sales for the first quarter 2017 as compared to January-March 2016 shows a 9% decrease in home sold numbers (from 65 homes sold in January-March 2016 to 59 homes sold in January-March 2017). During this same period a 18% average decrease in home sold prices occurred (from $379,000 in first quarter 2016 to $311,000 so far in 2017).
Real estate sold values have decreased in 2017 as compared to the first quarter of 2016 because lower priced homes are selling this year so far. These are facts and figures every seller and buyer needs to know. The average home sale in March 2017 closed in 56 days and the price per square foot is $149 for the average sale. Again limited home inventory which is down nearly 60% in 2017 as compared to 2016 is the other reason buyers have not bought 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 and vary in availability. Yet, there are many 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.
Here is a sampling of the most current North Kingstown home inventory for sale over $500,000:
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.
North Kingstown RI Real Estate Market March 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 you are moving to.