South Kingstown RI Real Estate Market January 2022 Update

South Kingstown Single Family Home Sales January 2022

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The South Kingstown real estate market January 2022 single family home sales decreased this month over last month by 11%.  Yet, pending home sales are up 20% over the prior month.  This is a southern RI home market where the key to home sales is pricing well, location and the condition of the home.
 

This month’s South Kingstown real estate report is provided & compiled by Ginny Lacey Gorman of 

RI coastal real estate.  

The Current Housing update for South Kingstown RI follows:

• Properties currently active on the market: 21 of these homes on the market 11 of them are already in sales agreement awaiting commitment letters from the lender.
  
• Single-family properties closed in the month: 17 ( 12 less than the prior month)
• Average sales price: $ 855,000 
• Median sales  price: $ 516,000
• Sales price to list price ratio: 100%  (99% last month)
• Average days on the market: 58  (52 days last month) 
• Sales currently pending: 25 (20 homes pending last month)
• The $352 is the above ground per square foot cost this month in a South Kingstown sold home.
• The average sold home is a 3 bedroom, 2 bath home with 2000 square feet of living space this month.

South Kingstown home absorption rate indicates it is a sellers home market with 1.2 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 currently an extreme sellers market.

• Breakdown of the 17 South Kingstown sold homes is as follows for the month: 2 homes sold under $300,000, 1 home sold between $300,000-$400,000, 13 homes sold for more than $400,000 but less than a million and 1 home sold over $1 million.
• The highest priced home sold this month in South Kingstown coastal RI real estate was $6,595,000 on Long Pond off Ministerial Road.

The South Kingstown single home sales in 2021 (346 homes sold) are less than 2020 (401 homes sold) down by 14%. Yet home sold prices, on average, were up by 13% for 2021 over 2020 in this town.  The average home sold here was a 3 bedrooms, 2 baths and 1700 of above ground square feet.  The average above ground square foot cost for a sold home here in 2021 was $353.  With only one month of data for 2022, it appears that home inventory is still lacking and causing an uptick in prices.