South Kingstown RI Real Estate Market January 2018 Report

Home Sales in South Kingstown in January 2018 Update

 

The South Kingstown real estate market January 2018 home sales for single family homes decreased this month over last month by 41%.   There is no doubt that the winter home buying market has  slowed but is still a sellers and balanced market.  Yet, it all depends what price range you are buying into…the under $300,000 is the most competitive home market.  Pending home sales have increased this month 22% as the cold came in.  This is a consistent RI home sale market where the key to home sales is pricing well and condition.  Overall this South Kingstown home market for the past 2017 had a smaller number of sales but the home sold values increased for sellers and home buyers.  This trend will continue through 2018 according to real estate experts.

 

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 January 2018 follows:

• Properties currently active on the market: 107 (12% less homes than prior month)
  
• Single-family properties closed in the month: 19 (41% decrease over prior month)
• Average sales price: $ 451,000 
• Median sales  price: $ 375,000
• Sales price to list price ratio: 94% ( 92% last month)
• Average days on the market: 99 (102 days last month) 
• Sales currently pending: 28 (23 homes pending last month)
• The above ground per square foot cost this month is $271 in a South Kingstown sold home.

South Kingstown home absorption rate indicates it is a balanced home market.  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 3.3 months.  The under $300,000 home sale market is the hot buying market right now.

• Breakdown of the 19 South Kingstown sold homes is as follows for the month: 7 homes sold under $300,000, 3 homes sold between $300,000-$400,000, 8 homes sold for more than $400,000 but less than a million and 1 home sold over $1 million.
• The average square foot sales price of a home sold this month in South Kingstown is $ 271 per square foot of above ground living space.
• The highest priced home sold this year in South Kingstown coastal RI real estate was $ 1,600,000 on Charletown Beach Road.

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.