South Kingstown RI Real Estate Market February 2017 Update

What is the Housing Update in South Kingstown RI

 in February?

 

The South Kingstown real estate market February 2017 home sales for single family homes decreased this month over last month by 7%.   However, the homes awaiting closing are up and real property is still desirable to home buyers.

 

This is a stable RI home sale market (with a slight drop during the winter months)  where the key to home sales is pricing well.  No increase in home sales this year over the prior month 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 February 2017 follows:

 

• Properties currently active on the market: 120 (7% decrease over prior month)
  
• Single-family properties closed in the month: 10 (58% decrease over prior month)
• Average sales price: $ 332,000 
• Median sales  price: $ 287,000 ( $315,000 last month)
• Sales price to list price ratio: 96% ( 94% in the prior month)
• Average days on the market: 48 (91 days in the prior month) 
• Sales currently pending: 33 ( 2 homes pending in prior month)

 

• South Kingstown home absorption rate indicates it is a buyers 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.  Homes are in pending sales contract awaiting closing in less than 1.5 months.  Although it seems this is a buyers’ market in homes under $300,000 it is a sellers market.  Many homes in the over $500,000 market are sitting on the market as the buyers are not there for the higher priced homes.

 

• Breakdown of the 10 South Kingstown sold homes is as follows for the month: 5 homes sold under $300,000, 2 homes sold between $300,000-$400,000, 3 homes sold for more than $400,000 but less than a million and no home sold over $1 million.  The strongest selling real estate market is the under $300,000 and over $400,000 in South Kingstown this month.  

 

• The average square foot sales price of a home sold this month in South Kingstown is $ 212 per square foot of living space.

 

• The highest priced home sold this year in South Kingstown coastal RI real estate was $ 537,000 in Cedar Hollow.

 

South Kingstown Real Estate Market February 2017

 

 

34 homes were sold in South Kingstown January-February 2017 with an average price sold of $314,000 as compared to 31 homes sold January-February 2016 with an average price of $356,000.  A decrease in the number of home sales and in home sold values year over year for the first two months comparison (not enough of a statistical value yet).  Additionally the average per square foot cost of a sold home this year is $212.

 
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.