South Kingstown Real Estate Market March 2016

South Kingstown Real Estate Market March 2016

What is the Current Housing Update in South Kingstown RI ?

The South Kingstown real estate market March 2016 for single family homes shows a marked increase in home sales up by 50% over the prior month.   South Kingstown home sales and real estate this month was popping as the spring housing market begins, pending home sales awaiting closings are up by 7%.  This is a stable RI home sale market where the key to home sales is pricing well.  The increase in home sales shows that the spring market has begun with more home inventory in need for buyers.

This month’s South Kingstown real estate report is provided by Ginny Lacey Gorman of waterfront RI real estate.  

What is the Current Housing update for South Kingstown RI for March 2016 does follow:

• Properties currently active on the market: 188 ( 9% increase over prior month)
  
• Single-family properties closed in the month: 33 (50% increase over prior month)
• Average sales price: $ 377,000 
• Median sales  price: $ 355,000
• Sales price to list price ratio: 96% ( 96% in the prior month)
• Average days on the market: 145 (132 days in the prior month) 
• Sales currently pending: 43 ( 2% increase over prior month)

• South Kingstown home absorption rate indicates it is a balanced market with current inventory.  Home absorption is the amount of time it will take to sell all the homes currently on the market without adding to it.  If sales continue this way a sellers real estate market here will be occurring this summer.

• Breakdown of the 33 South Kingstown sold homes is as follows for the month: 12 homes sold under $300,000, 8 homes sold between $300,000-$400,000, 13 homes sold for more than $400,000 but less than a million and no homes sold over $1 million.  The over $400,000 and under $300,000 real estate market is the strongest market in home sales and desirability in South Kingstown.  

• The average square foot sales price of a home sold this month in South Kingstown is $ 191 per square foot of living space.

• The highest priced home sold this month was $ 647,000 here.

South Kingstown Real Estate Market March 2016

64 homes were sold in South Kingstown this year through March 2016 with an average price sold of $377,000 as compared to 70 homes sold January-March 2015 with an average price of $378,000.  A decrease in sales by 9% and 3% in home sold values and sales numbers may be due to home buyers not finding what they want to buy yet.  If you are thinking of selling your home or condo there is no time to wait, please call me for your home market analysis and staging tips today at 401.529.7849.