What is the Current Housing Update in South Kingstown RI in May?
The South Kingstown real estate market May 2016 for single family homes shows another increase in home sales up by 19% over the prior month. South Kingstown home sales and real estate this month was popping as the summer housing market is almost upon us, pending home sales awaiting closings are up by 8%.
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 is in full swing with more home inventory in need for buyers.
This month’s South Kingstown real estate report is provided by Ginny Lacey Gorman of coastal RI real estate.
The Current Housing update for South Kingstown RI for May 2016 follows:
- Properties currently active on the market: 195 ( 3% increase over prior month)
- Single-family properties closed in the month: 43 (19% increase over prior month)
- Average sales price: $ 344,000
- Median sales price: $ 327,000
- Sales price to list price ratio: 96% ( 94% in the prior month)
- Average days on the market: 98 (105 days in the prior month)
- Sales currently pending: 55 ( 8% increase over prior month)
- South Kingstown home absorption rate indicates it is a sellers 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 43 South Kingstown sold homes is as follows for the month: 18 homes sold under $300,000, 12 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. All price ranges in this real estate market is selling well in home sales and desirability in South Kingstown.
- The average square foot sales price of a home sold this month in South Kingstown is $ 215 per square foot of living space.
- The highest priced home sold this month in South Kingstown coastal RI real estate was $ 835,000 here.
South Kingstown Real Estate Market May 2016
144 homes were sold in South Kingstown this year through May 2016 with an average price sold of $356,000 as compared to 123 homes sold January-May 2015 with an average price of $352,000. A increase in home sales by 17% and increase of 1% in home sold values.
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 marketing tips today at 401.529.7849. My neighborhood South Kingstown knowledge sells homes by attracting buyers with my online presence.
South Kingstown Real Estate Market May 2016 update gives home buyers and sellers the information they need to make a qualified real estate decision. Having a good overview of the South Kingstown RI real estate home sales in the town you are interested in buying into is an important step in making that home offer.
Here are the most current and up to date South Kingstown homes for sale less than $600,000:
South Kingstown Real Estate Market is on the Upswing in May 2016