South Kingstown RI Real Estate Market May 2018 Update

South Kingstown Homes for Sale Market May 2018 Report

 

The South Kingstown real estate market May 2018 home sales for single family homes increased this month over last month by 50%.   There is no doubt that the late spring home buying market is busy and is still a sellers market.  Yet, it all depends what price range you are buying into…the under $600,000 is the most competitive home market. Pending home sales have increased this month 19%.  This is a consistent RI home sale market where the key to home sales is pricing well and condition.

 

 

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 2018 follows:

• Properties currently active on the market: 132 (2% more homes than prior month) of these homes on the market 28 of them are already in sales agreement awaiting commitment letters from the lender.
  
• Single-family properties closed in the month: 42 (50% more over prior month)
• Average sales price: $ 412,000 
• Median sales  price: $ 334,000
• Sales price to list price ratio: 97% ( 98% last month)
• Average days on the market: 82 (100 days last month) 
• Sales currently pending: 43 (26 homes pending last month)
• The above ground per square foot cost this year is $264 in a South Kingstown sold home.
• The average sold home is a 3 bedroom, 2 bath home with 1600 square feet of living space this month.

South Kingstown home absorption rate indicates it is a sellers home market with 3.1 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.  It is a sellers real estate market.

• Breakdown of the 42 South Kingstown sold homes is as follows for the month: 16 homes sold under $300,000, 10 homes sold between $300,000-$400,000, 14 homes sold for more than $400,000 but less than a million and 2 homes sold over $1 million.
• The highest priced home sold this year in South Kingstown coastal RI real estate was $ 1,350,000 in the Green Hill area.

The South Kingstown home sales from January-May 2018 (140 homes sold) are up 16% over January-May 2017 (121 homes sold) and single family home sold prices are up 9% ($416,000 in 2018 vs. $381,000 in 2017) over the same time period.  This southern RI home market needs more inventory and is considered a desirable town to live in.

 
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.