South Kingstown RI Real Estate Market October 2020 Update

South Kingstown Single Home Sales in October Update

 
The South Kingstown real estate market October 2020 home sales for single family homes increased this month over last month by 35%.  All home price ranges are the most sought after home market right now. Pending home sales increased by 21% this month over last month.  This is a consistent southern RI home sale market where the key to home sales is pricing well and the condition of the home.

This month’s South Kingstown real estate report is provided & compiled by Ginny Lacey Gorman of coastal RI real estate.  

The Current Housing update for South Kingstown RI follows:

• Properties currently active on the market: 80 (5 homes less than prior month) of these homes on the market 31 of them are already in sales agreement awaiting commitment letters from the lender.
  
• Single-family properties closed in the month: 50 (13 more than the prior month)
• Average sales price: $ 558,000 
• Median sales  price: $ 460,000
• Sales price to list price ratio: 99%  (96% last month)
• Average days on the market: 59 (95 days last month) 
• Sales currently pending: 41 (34 homes pending last month)
• The above ground per square foot cost so far this year is $301 in a South Kingstown sold home.
• The average sold home is a 3 bedroom, 2 bath home with 1700 square feet of living space so far this year.

South Kingstown home absorption rate indicates it is a sellers home market with 1.6 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.

• Breakdown of the 50 South Kingstown sold homes is as follows for the month: 4 homes sold under $300,000, 14 homes sold between $300,000-$400,000, 27 homes sold for more than $400,000 but less than a million and 5 homes sold over $1 million.
• The highest priced home sold this month in South Kingstown coastal RI real estate was $2,100,000 in the Matunuck oceanfront neighborhood.

The South Kingstown single home sales in January-October 2020 (331 homes sold) are more than January-October 2019 (318 homes sold) by 4%. Yet home sold prices on average were up by 16% over the same time period.  The average home sold this year so far is a 3 bedroom, 2 baths and 1700 above ground square feet here.  In this same period, year over year, the average above ground square foot cost for a sold home is $301.

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.