As one of the sought after Rhode Island coastal towns for living and enjoyment, the South Kingstown RI home sale report for single family homes for August 2014 follow. The summer increase of sold homes has rebounded here and August shows a 47% increase in sales over July. Getting settled in the buyers’ choice home was a priority for South Kingstown home buyers by the end of summer.
This month’s South Kingstown real estate report is provided by Ginny Lacey Gorman of waterfront RI real estate:
- Properties currently active on the market: 275 ( -4% decrease over prior month)
- Single-family properties closed in August 2014: 44 (47% increase over prior month)
- Average sales price: $ 289,000
- Median sales price: $275,000
- Sales price to list price ratio: 94% ( prior month was 96%)
- Average days on the market: 102 (16% increase from prior month)
- Sales currently pending: 58 (-3% decrease over prior month)
South Kingstown home absorption rate indicates it is a balanced market. Home absorption is the amount of time it will take to sell all the homes currently on the market. This is a real estate market that neither favors buyers or sellers.
- Breakdown of the 44 South Kingstown sold homes is as follows for the month of August: 26 homes sold under $300,000, 8 homes sold between $300,000-$400,000 and 10 homes sold for more than $400,000 but less than a million. No homes sold for $1 million or over this month. The under $300,000 home market continues to be the strongest buyers interest in home sales. Looking at the continued high number of pending homes awaiting closing, this housing market and community is very desirable for all new homeowners.
The summer market is over with a 47% increase in home sales over the prior month. Yet, 2014 year to date home sales through August 2014 are down just 2% over same time period year to date through August 2013. Home prices have decreased by 2% 2014, year to date, as compared to last year through August.
Recent South Kingstown Home Sale Reports:
I hope that this South Kingstown August 2014 real estate update gives you the information and guidance in this real estate market for the coming year.