South Kingstown RI Real Estate Market March 2021 Update

 South Kingstown Single Home Sales March 2021 Report

 
The South Kingstown real estate market March 2021 home sales for single family homes increased this month over last month by 14%.  All home price ranges are sought after in this home market right. Pending home sales increased by 38% this month over last month.  This is a consistent southern RI home sale market where the key to home sales is pricing well, location and the condition of the home.

This month’s South Kingstown real estate report is provided & compiled by Ginny Lacey Gorman of coastal RI real estate.  

The Current Housing update for South Kingstown RI follows:

• Properties currently active on the market: 48 (3 homes less than prior month) of these homes on the market 24 of them are already in sales agreement awaiting commitment letters from the lender.
  
• Single-family properties closed in the month: 24 ( 3 more than the prior month)
• Average sales price: $ 442,000 
• Median sales  price: $ 390,000
• Sales price to list price ratio: 99%  (99% last month)
• Average days on the market: 44 (39 days last month) 
• Sales currently pending: 36 (26 homes pending last month)
• The above ground per square foot cost this year so far is $294 in a South Kingstown sold home.
• The average sold home is a 3 bedroom, 2 bath home with 1700 square feet of living space this year so far.

South Kingstown home absorption rate indicates it is a sellers home market with 2 months of home inventory.  Home absorption is the amount of time it will take to sell all the homes currently on the market without adding to it.

• Breakdown of the 24 South Kingstown sold homes is as follows for the month: 6 homes sold under $300,000, 6 homes sold between $300,000-$400,000, 11 homes sold for more than $400,000 but less than a million and 1 home sold over $1 million.
• The highest priced home sold this month in South Kingstown coastal RI real estate was $1,287,000 in the Green Hill neighborhood.

The South Kingstown single home sales January-March 2021 (67 homes sold) are more than January-March 2020 (65 homes sold) up by 3%. Yet home sold prices on average were up by 15% over the same time period.  The average home sold this month is a 3 bedroom, 2 baths and 1700 above ground square feet here.  The average above ground square foot cost for a sold home is $294.  This is a three  month comparison year to year.