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.
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 market: 84( 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)
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.