South Kingstown RI Real Estate Market February 2020 Update

South Kingstown Home Sales in February 2020

 

The South Kingstown real estate market February 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 increased by 55% 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 by Ginny Lacey Gorman of coastal RI real estate.  

 

The Current Housing update for South Kingstown RI for February 2020 follows:

 

• Properties currently active on the market: 97 (5 homes less than prior month) of these homes on the market 21 of them are already in sales agreement awaiting commitment letters from the lender.
  
• Single-family properties closed in the month: 19 (3 more than the prior month)
• Average sales price: $ 403,000 
• Median sales  price: $ 371,000
• Sales price to list price ratio: 95%  (94% last month)
• Average days on the market: 84 (105 days last month) 
• Sales currently pending: 31 (20 homes pending last month)
• The above ground per square foot cost so far this year is $254 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 year.

South Kingstown home absorption rate indicates it is a balanced 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 19 South Kingstown sold homes is as follows for the month: 6 homes sold under $300,000, 4 homes sold between $300,000-$400,000, 9 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 $950,000 in the Pond Street neighborhood.

The South Kingstown single home sales in January-February 2020 (35 homes sold) are more than January-February 2019 (33 homes sold).  The average home sold this month 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.