South Kingstown RI Real Estate Market March 2018 Update

Home Sales in South Kingstown in March 2018 Report

 

The South Kingstown real estate market March 2018 home sales for single family homes increased this month over last month by 4%.   There is no doubt that the spring home buying market has been busy and is still a sellers market.  Yet, it all depends what price range you are buying into…the under $400,000 is the most competitive home market.  Pending home sales have increased this month 22% as the weather continues to improve.  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 March 2018 follows:

• Properties currently active on the market: 90 (27% less homes than prior month) of these homes on the market 38 of the 90 are already in sales agreement awaiting commitment letters from the lender.
  
• Single-family properties closed in the month: 26 (1 more over prior month)
• Average sales price: $ 440,000 
• Median sales  price: $ 395,000
• Sales price to list price ratio: 95% ( 93% last month)
• Average days on the market: 99 (70 days last month) 
• Sales currently pending: 28 (23 homes pending last month)
• The above ground per square foot cost this quarter is $242 in a South Kingstown sold home.  Knowing your above ground per square foot cost will tell you whether you are paying more than the norm.

South Kingstown home absorption rate indicates it is a sellers home market with 3.5 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.  Homes are in pending sales contract awaiting closing in 3 months.

• Breakdown of the 26 South Kingstown sold homes is as follows for the month: 7 homes sold under $300,000, 6 homes sold between $300,000-$400,000, 12 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 year in South Kingstown coastal RI real estate was $ 1,000,000 in Bittersweet Farm.

The South Kingstown home sales from January-March 2018 are up 17% over January-March 2017 and single family home sold prices are up 23% over the same time period.  This southern RI home market needs more inventory and is considered a highly desirable area 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.