South Kingstown RI Real Estate Market February 2018

Home Sales in South Kingstown in February 2018 Update

 

The South Kingstown real estate market February 2018 home sales for single family homes increased this month over last month by 32%.   There is no doubt that the winter 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 decreased this month 18% as the cold weather remains.  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 February 2018 follows:

• Properties currently active on the market: 124 (16% more homes than prior month) of these homes on the market 41 of the 124 are already in sales agreement awaiting commitment letters from the lender.
  
• Single-family properties closed in the month: 25 (32% increase over prior month)
• Average sales price: $ 392,000 
• Median sales  price: $ 345,000
• Sales price to list price ratio: 93% ( 94% last month)
• Average days on the market: 70 (99 days last month) 
• Sales currently pending: 23 (28 homes pending last month)
• The above ground per square foot cost this month is $218 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 4.9 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 2.1 months.  The under $400,000 home sale market is the hot buying market right now.

• Breakdown of the 25 South Kingstown sold homes is as follows for the month: 9 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 2 homes sold over $1 million.
• The average square foot sales price of a home sold this month in South Kingstown is $ 218 per square foot of above ground living space.
• The highest priced home sold this year in South Kingstown coastal RI real estate was $ 1,450,000 on Slope Road in Green Hill.

The South Kingstown home sales from January-February 2018 are up 29% over January-February 2017 and single family home sale prices are up 33% over the same time period.  This southern RI home market needs more inventory and is 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.