South Kingstown RI Real Estate Market December 2020 Year End Update

South Kingstown Single Home Sales in December

and Year End Report

 
The South Kingstown real estate market December 2020 home sales for single family homes increased this month over last month by 19%.  All home price ranges are the most sought after home market right now. Pending home sales decreased, however, by 43% 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: 50 (18 homes less than prior month) of these homes on the market 50 of them are already in sales agreement awaiting commitment letters from the lender.
  
• Single-family properties closed in the month: 38 ( 6 less than the prior month)
• Average sales price: $ 538,000 
• Median sales  price: $ 490,000
• Sales price to list price ratio: 98%  (99% last month)
• Average days on the market: 46 (56 days last month) 
• Sales currently pending: 20 (35 homes pending last month)
• The above ground per square foot cost this year is $299 in a South Kingstown sold home.
• The average sold home is a 3 bedroom, 2 bath home with 1800 square feet of living space this year.

South Kingstown home absorption rate indicates it is a sellers home market with 1.3 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 38 South Kingstown sold homes is as follows for the month: 6 homes sold under $300,000, 9 homes sold between $300,000-$400,000, 19 homes sold for more than $400,000 but less than a million and 4 homes sold over $1 million.
• The highest priced home sold this month in South Kingstown coastal RI real estate was $1,250,000 in the Walmsley Road neighborhood.

The South Kingstown single home sales in January-December 2020 (401 homes sold) are more than January-December 2019 (383 homes sold) up by 5%. Yet home sold prices on average were up by 17% over the same time period, year over year.  The average home sold this year 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 $299. Important to note that the increase in the overall sold prices was impacted by the large number or higher priced homes sold in 2020. In fact, 160% more homes in 2020 were sold $1 million and over than in 2019.