South Kingstown Real Estate August 2017 Market Update

Home Sales in South Kingstown in August 2017 Update

 

The South Kingstown real estate market August 2017 home sales for single family homes decreased this month over last month by 2%.   There is no doubt that the summer home buying market continues to be a sellers market.

This is a stable RI home sale market where the key to home sales is pricing well and in move in condition.  The home sales this month over the prior month is due to continued demand with home buyers in all price ranges.

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 August 2017 follows:

 

• Properties currently active on the market: 180 (36 of these homes are in sales agreement during inspections)
  
• Single-family properties closed in the month: 46(2% decrease over prior month)
• Average sales price: $ 388,000 
• Median sales  price: $ 377,000
• Sales price to list price ratio: 98% ( 97% in the prior month)
• Average days on the market: 49 (72 days in the prior month) 
• Sales currently pending: 25 (28 homes pending in the prior month)

• 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 3.9 months.  It is a sellers market in home sales, the under $600,000 home sale market is a hot buying market.
• Breakdown of the 46 South Kingstown sold homes is as follows for the month: 13 homes sold under $300,000, 13 homes sold between $300,000-$400,000, 20 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 $ 223 per square foot of above ground living space.

• The highest priced home sold this year in South Kingstown coastal RI real estate was $ 1,350,000 in the Waites Corner neighborhood.

South Kingstown Real Estate Market January – August 2017 Recap

 

256 homes were sold in South Kingstown from January-August 2017 with an average price sold of $375,000 as compared to 274 homes sold January-August 2016 with an average price of $351,000.  A decrease in the number of home sales by 7% but home sold values increased by 7% year over year for the first 8 months of the year 2017 in comparison to January-August 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 coastalneighborhood town knowledge sells homes by attracting buyers with my online presence again and again.