South Kingstown RI Real Estate Market June 2017 Recap

Home Sales in South Kingstown in June 2017 Update

 

The South Kingstown real estate market June 2017 home sales for single family homes increased this month over last month by 17%.   There is no doubt that the summer home buying market is in a true sellers market.

 

This is a stable RI home sale market where the key to home sales is pricing well.  The increase in home sales this month over the prior month is due to pent up demand with home buyers especially in the under $400,000 home sale market.

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 June 2017 follows:

 

• Properties currently active on the market: 184 (37 of these homes are in sales agreement during inspections)
  
• Single-family properties closed in the month: 41 (17% increase over prior month)
• Average sales price: $ 386,000 
• Median sales  price: $ 349,000
• Sales price to list price ratio: 97% ( 94% in the prior month)
• Average days on the market: 56 (103 days in the prior month) 
• Sales currently pending: 37 (33 homes pending in the prior month)

 

• South Kingstown home absorption rate indicates it is a sellers home market.  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 2 months.  It is a sellers market in home sales, the under $400,000 home sale market is a hot buying market.  Homes in the over $400,000 market are moving and being sold quicker.

 

• Breakdown of the 41 South Kingstown sold homes is as follows for the month: 13 homes sold under $300,000, 15 homes sold between $300,000-$400,000, 11 homes sold for more than $400,000 but less than a million and 2 homes sold over $1 million.

• The average square foot sales price of a home sold this month in South Kingstown is $ 243 per square foot of above ground living space.

 

• The highest priced home sold this year in South Kingstown coastal RI real estate was $ 1,200,000 in the Matunuck Beach Road neighborhood.

South Kingstown Real Estate Market January – June 2017 Recap:

 

162 homes were sold in South Kingstown from January-June 2017 with an average price sold of $386,000 as compared to 176 homes sold January-June 2016 with an average price of $362,000.  A decrease in the number of home sales by 8% but  home sold values increased by 6% year over year for the first 6 months of the year 2017 in comparison to January-June 2016.

 
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 RI real estate coastal neighborhood town knowledge sells homes by attracting buyers with my online presence again and again.