South Kingstown RI Real Estate Market August 2018 Update

South Kingstown Homes for Sale Market August 2018 Report

 

The South Kingstown real estate market August 2018 home sales for single family homes increased this month over last month by 37%.   The under $600,000 is the most competitive home market. Pending home sales have decreased this month by 17%.  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 August 2018 follows:

 

• Properties currently active on the market: 147 (1% less  homes than prior month) of these homes on the market 26 of them are already in sales agreement awaiting commitment letters from the lender.
  
• Single-family properties closed in the month: 48 (37% more than the prior month)
• Average sales price: $ 432,000 
• Median sales  price: $ 409,000
• Sales price to list price ratio: 97% ( 94% last month)
• Average days on the market: 53 (48 days last month) 
• Sales currently pending: 25 (30 homes pending last month)
• The above ground per square foot cost this year is $256 in a South Kingstown sold home.
• The average sold home is a 3 bedroom, 2 bath home with 1700 square feet of living space this month.

South Kingstown home absorption rate indicates it is a sellers home market with 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.  It is a sellers real estate market.

• Breakdown of the 48 South Kingstown sold homes is as follows for the month: 12 homes sold under $300,000, 11 homes sold between $300,000-$400,000, 25 homes sold for more than $400,000 but less than a million and 0 home sold over $1 million.
• The highest priced home sold this year in South Kingstown coastal RI real estate was $ 950,000 in the Camp Fuller neighborhood.

The South Kingstown home sales from January-August 2018 (276 homes sold) are up 7% over January-August 2017 (257 home sold) and single family home sold prices are up 11% ($416,000 in 2018 vs. $374,000 in 2017) over the same time period.  This southern RI home market needs more home inventory and is considered a ‘go to’ town to live within.

 

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.