Kingston Area Update

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Kingston and Area home sales edge higher, new listings jump in November

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association posted a small year-over-year increase in November 2015.

Residential property sales numbered 193 units in November, up 2.1 per cent (four sales) from the same month a year earlier. On a year-to-date basis home sales are currently running six per cent ahead of the first 11 months of 2014.

“While home sales came in above year-ago levels in November, it did mark a slowdown from activity in August, September and October,” said Jack Green, President of the Kingston and Area Real Estate Association. “Overall for 2015, the big picture for both sales activity and price growth is that it’s been a decent year for both, although they probably looked a bit stronger than they actually were in comparison to a subdued 2014.”

The average price for homes sold through the Association’s MLS® System in November 2015 was $273,993, down 1.1 per cent from November 2014. The less volatile year-to-date average sale price was $292,977, an increase of 3.7 per cent from the first 11 months of 2014.

There were 537 new residential listings on the Association’s MLS® System in November 2015, jumping 37 per cent from last November and marking a new record for the month.

Active residential listings on the Association’s MLS® System numbered 1,697 units at the end of November, down 8.7 per cent from the end of November 2014.

There were 8.8 months of inventory at the end of November 2015, down from 9.8 months at the end of November 2014 but above the long-run average for this time of the year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The value of all home sales was $52.9 million in November 2015, an increase of one per cent from a year earlier.

Sales of all types of properties numbered 224 units in November, rising 5.2 per cent on a year-over-year basis. The total value of all property sales increased 4.5 per cent from a year earlier to $61.1 million in November.

Source: Canadian Real Estate Association