South Kingstown Real Estate Market November 2016 Recap

What is the Housing Update in South Kingstown RI

 in November?

 

The South Kingstown real estate market November 2016 for single family homes decreased slightly this month over last in home sales.   Yet, South Kingstown home sales have been strong so far this year.

 

 

This is a stable RI home sale market where the key to home sales is pricing well.  The increase in home sales thus year shows that the market is in full swing with home inventory needed 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 November 2016 follows:

 

• Properties currently active on the market: 156 (14% decrease over prior month)
  
• Single-family properties closed in the month: 25 (14% decrease over prior month)
• Average sales price: $ 379,000 
• Median sales  price: $ 338,000
• Sales price to list price ratio: 94% ( 96% in the prior month)
• Average days on the market: 99 (116 days in the prior month) 
• Sales currently pending: 31 ( 19% increase over prior month)

 

• South Kingstown home absorption rate indicates it is a balanced market (but moving towards 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.

 

• Breakdown of the 25 South Kingstown sold homes is as follows for the month: 9 homes sold under $300,000, 10 homes sold between $300,000-$400,000, 5 homes sold for more than $400,000 but less than a million and 1 home sold over $1 million.  The strongest selling real estate market is the under $400,000 in home sales in South Kingstown this month.  

 

• The average square foot sales price of a home sold this year in South Kingstown is $ 209 per square foot of living space.

 

• The highest priced home sold this month in South Kingstown coastal RI real estate was $ 1,550,000 here in Green Hill.

 

South Kingstown Real Estate Market November 2016

 

 

 

365 homes were sold in South Kingstown this year through November 2016 with an average price sold of $355,000 as compared to 343 homes sold January-November 2015 with an average price of $346,000.  A increase in home sales by 6% and an increase of 3% in home sold values ($355,000 vs. $346,000) year over year so far.  Additionally the average per square foot cost of a sold home this year is $218 which is higher than in 2015.

If you are thinking of selling your home or condo there is no time to wait, please call me, Ginny Gorman, for your home market analysis and best marketing tips today at 401.529.7849.  My neighborhood town knowledge sells homes by attracting buyers with my online presence again and again.