The South Kingstown RI Real Estate Market Report is a monthly statement of the median sales price for homes, the number of sales, the average price per square foot for homes, the number of homes for sale, and the average listing price of South Kingstown RI homes for sale.
According to Trulia.com, the average price per square foot for South Kingstown RI was $201, a decrease of 6.1% compared to the same period last year.
The median sales price for homes in South Kingstown RI for Dec 13 to Mar 14 was $308,500 based on 32 home sales.
Find out what's happening in Narragansett-South Kingstownwith free, real-time updates from Patch.
Compared to the same period one year ago, the median home sales price increased 18.9%, or $49,000, and the number of home sales decreased 27.3%.
There are currently 288 resale and new homes in South Kingstown on Trulia, including 19 open houses, as well as 24 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
Find out what's happening in Narragansett-South Kingstownwith free, real-time updates from Patch.
The average listing price for homes for sale in South Kingstown RI was $418,527 for the week ending Mar 05, which represents an increase of 2.9%, or $11,965, compared to the prior week.
According to Zillow.com, the median home value in South Kingstown is $294,600. South Kingstown home values have declined -1.9% over the past year and Zillow predicts they will fall -0.5% within the next year.
The median list price per square foot in South Kingstown is $198, which is higher than the Providence Metro average of $169.
The median price of homes currently listed in South Kingstown is $314,900 while the median price of homes that sold is $310,900.
The median rent price in South Kingstown is $1,325, which is higher than the Providence Metro median of $1,170.
Foreclosures will be a factor impacting home values in the next several years. In South Kingstown 0.7 homes are foreclosed (per 10,000). This is lower than the Providence Metro value of 2.6 and also lower than the national value of 5.0.
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment.
The percent of delinquent mortgages in South Kingstown is 4.5%, which is lower than the national value of 8.0%.
With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of South Kingstown homeowners underwater on their mortgage is 12.4%, which is lower than Providence Metro at 21.5%.
For graphs of the Real Estate Market Report CLICK HERE.
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Bridget Morrissey is a 2012-13 Women of FIRE (FINANCE-INSURANCE-REAL ESTATE) Recipient awarded by the Warren Group and The Commercial Record of Boston, MA and presented by Lt Governor Nancy Wyman.
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