Charlestown RI Home Sale Market Report February 2014

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Real Estate Agent with RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate
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Charlestown RI Home Sale Market Report February 2014

 

The Charlestown RI estate market update for February 2014 is provided by Ginny Lacey Gorman of RI coastal real estate.

The lack of home inventory under $400,000 in Charlestown is moving home buyers to other southern RI communities such as Narragansett or South Kingstown.  At present, homes on the market, after previewing dozens of them in the last 2 months, many are overpriced and need updating.  Home sellers need to see the truth in house values when home improvements are needed and price accordingly. Home buyers in the last 6 months have indicated they want well priced homes that need minimal updating.

This is a waterfront and rural community here depending upon your desire for your Charlestown home location.  Home sales here for the month of February are  down 44% over the prior month and home sale prices are down also.  Although the winter weather has slowed the market here, there seems to be a reluctance on the part of potential sellers to add to home inventory now. Home buyers are actively seeking good land values, which are at a premium, and lower priced affordable homes under $400,000.  Both of these real estate gems will be ‘hot’ this year.

Charlestown RI Real Estate Market Update February 2014 

Nestled in the southern part of Rhode Island, between the towns of Westerly and South Kingstown RI, this town offers oceanfront residences as well as country homes for the home buyer.  It is the stunning coastline, quiet neighborhoods, beach side homes and serene landscapes that draw home buyers to this Charlestown location.   Here is the February 2014 home sales update for the month, as follows:

  • Properties active and on the market84( 9 homes more than prior month)
  • Single-family properties closed: 5 ( down by 44% over prior  month)
  • Average sales price: $473,000 (19% decrease over prior month)
  • Median sales  price: $399,000 
  • Sales price to list price ratio: 89% (94% for the prior month)
  • Average days on the market: 161 (67% increase over prior month)
  • Sales currently pending: 6 (33% decrease over prior month)
oceanfront beach in Charlestown RI real estate February

Charlestown RI real estate sales took a fall in February due to the winter.   No luxury oceanfront homes sold for $1 million and over this month.

Now with the changes in flood plains and insurance, waterfront homes will be evaluated with these factors in  mind with future sales.  Taking steps to protect your real estate along the coast is a must for homeowners now.

 Although the Biggert- Waters Act is undergoing Congressional review, has delayed the huge flood insurance increases so buyers need to be mindful of their flood zone.  Being aware of your flood zone will benefit you in years to come as a Charlestown home owner.

Charlestown’s home absorption rate remains a buyers real estate market.

  • Home absorption is the amount of time it will take to sell all the homes currently on the market without any additional homes being added to the current real estate market.

      • Home inventory increased in February, pending sales decreased by 3 homes and Charlestown RI home closings decreased by 4 homes over the prior month.

      • Breakdown of the 5 Charlestown RI home sales is as follows for the month: 1 home sold under $300,000, 2 homes sold between $300,000-$400,000 and 2 homes sold over $400,000.     Charlestown RI homes sales still indicate that the best value for location, taxes and coastal living is the under $300,000 home market here where the strongest housing demand is. 

Charlestown RI Real Estate Market Update February 2014.

 

Reflecting upon the change in Charlestown home sales prices and numbers from 2012 to 2013 still shows a steady home market increase in sales and home prices.   Comparing February 2013 to February 2014, home sales are down by 29% due to the frigid winter weather.

 From coastal Charlestown homes to the rural country homes.  You are never far from the ocean and the Rhode Island beaches here.  It is a great time to buy in the Quonnie area too if you are looking at true waterfront, walk to water or oceanfront Charlestown homes for sale.

 Always check the flood zones out with your insurance agent before making an offer on a home.  Update: the increases to flood insurance premiums have NOT gone into effect as Congress revisits a better way to apportion the increases over time.  More to come on flood zones this year.

Looking for a Charlestown RI waterfront real estate agent ? Ginny Lacey Gorman knows her RI coastal real estate market.  I would love the opportunity to assist you in your search or sale.  Knowing current FEMA flood map changes, building construction needs in coastal areas and staying abreast of RI septic changes is a part of my skills set.  Thank you for reading the Charlestown RI real estate report update for February 2014. 

originally posted at Charlestown RI Real Estate Market Update 2014 by Ginny Lacey Gorman of RI coastal real estate.

View Charlestown RI 02813 in a larger map

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 Ginny Lacey Gorman is your go to Charlestown waterfront Rhode Island real estate agent…knowing the Charlestown RI geographic area, schools, happenings and important tidbits of local information.  Email her at ginny@RIHouseHunt.com to make an appointment to find the home of your dreams too!
 
Waterfront, oceanfront, luxury and coastal Rhode Island real estate are my specialty but all of RI is my backyard.  When you are in need of a real estate professional and specialist for your buying, selling or relocating needs and an internet savvy Realtor® who sells RI houses in this RI real estate market call Ginny at 401.529.7849
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This blog © and its contents is original to Ginny Lacey Gorman

the RI waterfront Realtor of Choice

 

Ginny L. Gorman, a purveyor of Fine RI Waterfront Real Estate   

Specializing in waterfront, ocean front, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich RI and beyond ...  I sell dreams!  Because there is no place like home...the RI Real Estate Agent in the Sparkly Red Shoes.

 

Looking for a knowledgeable Rhode Island Real Estate Agent?  Let me GOOGLE one for you!

            

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Rainmaker
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Bobbie Smith
Stroudsburg, PA
570-242-1891

Ginny, Great Market Update! Hopefully some Spring weather arriving soon will turn these trends around.

Have A Great Night!

Mar 24, 2014 08:43 AM #1
Rainmaker
877,398
Janis Borgueta
Key Properties of the Hudson Valley - Newburgh, NY
LIC RE Salesperson

Spring is not in the air, but soon!! I can only imagine how busy things will get once our weather is better. I have clients waiting to put thier homes on the market as they believe that it is better when warmer out. Little do they understand that the competition is less right now for great homes!! Happy Spring!!

Mar 24, 2014 09:31 AM #2
Rainmaker
1,010,431
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Ginny, we used to think that the encroachment of the Coastal Construction Line was bad enough and now add the Biggert-Waters Act.  Many of my customers ultimately forego the higher costs and have the means to self insure their homes and investment.  I don't believe there will be any homeowner not affected by this act when the dust (mud) finally settles.  

Mar 25, 2014 12:08 AM #3
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Ginny Gorman

Homes for Sale in North Kingstown RI and beyond
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