South Kingstown RI Home Sale Report May 2014
As one of the sought after Rhode Island southern coastal towns for living and enjoyment, the South Kingstown RI home sale report for single family homes for May 2014 follows. What a remarkable surge in home buying activity there was with real estate sales up 138% from the prior month! Not your typical May housing market for sure.
This month’s real estate report is provided by Ginny Lacey Gorman of waterfront RI real estate:
- Properties currently active on the market: 280 ( 12% increase over prior month)
- Single-family properties closed in May 2014: 31 (138% increase over prior month)
- Average sales price: $ 341,000 (10% decrease in price over prior month)
- Median sales price: $283,000 ( 6% decrease in price over prior month)
- Sales price to list price ratio: 94% ( prior month was 96%)
- Average days on the market: 121 (8% increase in days on market over prior month)
- Sales currently pending: 48 (11% decrease over prior month)
South Kingstown home absorption rate indicates it is still a buyers market. There still is a considerable amount of homes on the market for home buyers to choose from.
Home absorption is the amount of time it will take to sell all the homes currently on the market.
- Breakdown of the 31 South Kingstown sold homes is as follows for the month of May: 16 homes sold under $300,000, 9 homes sold between $300,000-$400,000, 5 homes sold for more than $400,000 but less than a million and one home sold for over $1 million. The under $300,000 home market was the strongest buyers interest in home sales in the past month.
The summer market is hot with a 138% increase in home sales over the prior month. Home sales for May 2014 are up 9% over May 2013 and home prices are up 5% over the same period. South Kingstown is showing a stellar upward real estate trend.
The South Kingstown community is a waterfront South County community that is fortunate to have the University of Rhode Island campus in its borders, cultural music and theater, notable restaurants, the Amtrak train station in Kingston and good public & private schools. And yes the great ocean is here with our phenomenal beaches! This is all a great draw when put together for the South Kingstown home buyer.
Recent South Kingstown Home Sale Reports:
I hope that this South Kingstown May 2014 home sales report gives you the guidance in this real estate market for the coming year.