South Kingstown RI Real Estate Market May 2017 Recap

Home Sales in South Kingstown in May 2017 Update

 

The South Kingstown real estate market May 2017 home sales for single family homes increased this month over last month by 35%.   There is no doubt that the late spring home buying market is in a true sellers market right 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 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 May 2017 follows:

• Properties currently active on the market: 125 (20% increase over prior month)
  
• Single-family properties closed in the month: 35 (35% increase over prior month)
• Average sales price: $ 427,000 
• Median sales  price: $ 405,000
• Sales price to list price ratio: 94% ( 96% in the prior month)
• Average days on the market: 103 (75 days in the prior month) 
• Sales currently pending: 33 (39 homes pending in the prior month)

 

• South Kingstown home absorption rate indicates it is a sellers 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 months.  Although it is a sellers market in home sales, the under $300,000 home sale market is a hot buying market.  Homes in the over $400,000 market are moving and being sold quicker now.

 

• Breakdown of the 35 South Kingstown sold homes is as follows for the month: 12 homes sold under $300,000, 5 homes sold between $300,000-$400,000, 17 homes sold for more than $400,000 but less than a million and 1 home sold over $1 million.

• The average square foot sales price of a home sold this year in South Kingstown is $ 207 per square foot of above ground living space.

 

• The highest priced home sold this year in South Kingstown coastal RI real estate was $ 1,875,000 in the Matunuck area on Potters Pond.

South Kingstown Real Estate Market May 2017

 

121 homes were sold in South Kingstown January-May 2017 with an average price sold of $381,000 as compared to 144 homes sold January-May 2016 with an average price of $356,000.  A decrease in the number of home sales by 16% and in home sold values by 7% year over year for the first 5 months of the year in comparison to January-May 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.