South Kingstown RI Real Estate Market December 2018 Update

South Kingstown Homes for Sale Market December 2018  & Year End Report

 

The South Kingstown real estate market December 2018 home sales for single family homes decreased this month over last month by 22%.  The under $400,000 is the most competitive home market right now. Pending home sales have decreased this month by 10%.  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 December 2018 follows:

 

• Properties currently active on the market: 111 (4% less homes than prior month) of these homes on the market 14 of them are already in sales agreement awaiting commitment letters from the lender.
  
• Single-family properties closed in the month: 21 (22% less than the prior month)
• Average sales price: $ 333,000 
• Median sales  price: $ 339,000
• Sales price to list price ratio: 97% ( 95% last month)
• Average days on the market: 59 (62 days last month) 
• Sales currently pending: 18 (20 homes pending last month)
• The above ground per square foot cost this year is $257 in a South Kingstown sold home so far.
• The average sold home is a 3 bedroom, 2 bath home with 1600 square feet of living space this month.

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

• Breakdown of the 21 South Kingstown sold homes is as follows for the month: 7 homes sold under $300,000, 9 homes sold between $300,000-$400,000, 5 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 month in South Kingstown coastal RI real estate was $630,000 in the Green Hill neighborhood.

The South Kingstown home sales from January-December 2018 (381 homes sold) are down 1% over January-December 2017 (384 homes sold) and single family home sold prices are up 8% ($415,000 in 2018 vs. $385,000 in 2017) over the same time period.  The average home sold this year was a 3 bedroom, 2 baths and 1700 above ground square feet here.

 

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.