South Kingstown RI Real Estate Market November 2017 Update

Home Sales in South Kingstown in November 2017 Update

 

The South Kingstown real estate market November 2017 home sales for single family homes decreased this month over last month by 23%.   There is no doubt that the late fall home buying market has  slowed but is still a sellers market.  Yet pending home sales have increased this month to offset the drop in sold homes up by 19%.  This is a stable RI home sale market where the key to home sales is pricing well and in move in 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 November 2017 follows:

 

• Properties currently active on the market: 138 (10% less homes are in sales agreement)
  
• Single-family properties closed in the month: 28 (23% decrease over prior month)
• Average sales price: $ 375,000 
• Median sales  price: $ 386,000
• Sales price to list price ratio: 91% ( 94% in the prior month)
• Average days on the market: 73 (72 days in the prior month) 
• Sales currently pending: 38 (32 homes pending in the prior month)
• The above ground per square foot cost this month is $201 in a sold home in South Kingstown.

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 4 months.  The over $400,000 home sale market is the hot buying market right now.

• Breakdown of the 28 South Kingstown sold homes is as follows for the month: 9 homes sold under $300,000, 5 homes sold between $300,000-$400,000, 14 homes sold for more than $400,000 but less than a million and 0 home sold over $1 million.
• The average square foot sales price of a home sold this year  in South Kingstown is $ 227 per square foot of above ground living space.

• The highest priced home sold this year in South Kingstown coastal RI real estate was $ 950,000 in the Green Hill neighborhood.

South Kingstown Real Estate Market January – November 2017 Recap

 

352 homes were sold in South Kingstown from January-November 2017 with an average price sold of $382,000 as compared to 365 homes sold January-November 2016 with an average price of $355,000.  A decrease in the number of home sales by 4% but home sold values increased by 8% year over year for the first 11 months of the year 2017 in comparison to January-November 2016.  It remains a strong real estate market here.

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.