Spring is coming, we promise!
February is a time when some families head south to beat away the blues, while many others count down for March Break and the anticipation of the annual spring awakening.
This year, however, there appears to be a plethora of eager home Buyers still “chomping at the bit” too. First timers, upgraders and investors seem to be leading the pack to any decent listing that comes on the local market. Unfortunately, demand continues to outweigh supply, and Buyers are frequently finding themselves in competition. It’s a great time to be a Seller, and the better the listing shines the more offers seem to be presented (as long as it is priced right, of course). A prime example is a recent listing on Kingscourt Ave with very quiet rear neighbours (because it backs onto the cemetery) …there were 12 offers on presentation day!
Which brings us to the million-dollar question in a hot Sellers’ Market: what is “market value”? The basic definition of “market value” is the fair local market price for a property where neither the Buyer nor the Seller are under any undue pressure. This becomes very subjective rather quickly, however, based on the number of offers on the table and those particular Buyers “wish lists” (including motivating factors and lack of supply). Depending on which side of the table we are sitting at for a particular property, we help our Buyers and Sellers determine the best approach by providing detailed information and various options based on experience. Of course, our Clients are always in firm control of any final decision.
Here are some stats for January…
Active Residential Listings for our Board were down 13% compared to last January (only 2.6 months inventory – put into perspective, we had 8.2 months of inventory 5 years ago in January).
Average Price for all Residential Sales in our Board was $407,814 – up 11.4% compared to last year.
Average Price for Detached Homes in Kingston Proper was up 9% to $484,148 (with 9% less supply).
Condo Sales (any style) in Kingston doubled in January compared to last year… to 10 total firm sales.
Want to know specifics about any particular area or style? Just give us a call!
Considering selling and want to know what your place could be worth in this market? Just give us a call.