South Kingstown RI Real Estate Market March 2017 Update

What is the Housing Update in South Kingstown RI

 in March?

 

The South Kingstown real estate market March 2017 home sales for single family homes increased this month over last month by 140%.   There is no doubt that the spring home buying market is in full swing here now.

 

This is a stable RI home sale market where the key to home sales is pricing well.  The significant increase in home sales this year over the prior month is due to pent up demand with home buyers especially in the under $300,000 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 March 2017 follows:

• Properties currently active on the market: 128 (7% increase over prior month)
  
• Single-family properties closed in the month: 24 (140% increase over prior month)
• Average sales price: $ 384,000 
• Median sales  price: $ 256,500
• Sales price to list price ratio: 96% ( 96% in the prior month)
• Average days on the market: 134 (48 days in the prior month) 
• Sales currently pending: 28 (33 homes pending in the prior month)

 

• South Kingstown home absorption rate indicates it is a balanced home 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 4.5 months.  Although it is a balanced market in home sales the under $300,000 home sale market 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 yet.

 

• Breakdown of the 24 South Kingstown sold homes is as follows for the month: 15 homes sold under $300,000, 6 homes sold between $300,000-$400,000, 1 home sold for more than $400,000 but less than a million and 2 homes sold over $1 million.  The strongest selling real estate market is the under $300,000.

 

• The average square foot sales price of a home sold this month in South Kingstown is $ 217 per square foot of above ground living space.

 

• The highest priced home sold this year in South Kingstown coastal RI real estate was $ 2,750,000 in Commodore Perry highway area.

 

South Kingstown Real Estate Market March 2017

 

 

58 homes were sold in South Kingstown January-March 2017 with an average price sold of $343,000 as compared to 64 homes sold January-March 2016 with an average price of $367,000.  A decrease in the number of home sales and in home sold values year over year for the first quarter of the year in comparison to January-March 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.