For the entire Kingston and Area Board (that’s east of Gananoque to west of Napanee and far north into cottage country), residential sales in February were down 22% from 229 to 179. This was in major part due to the available inventory of active listings being down 35% from 1,618 last year to only 1,050 active listings this February.
Digging a little deeper into those numbers provides even more insight…
Detached homes sales for the Board were also down 22% from 171 to 134 this February. The average sale price was up 12% compared to last February, however that was due partially to new builds and a greater percentage of higher end homes selling. The median sale price was up 5% and we believe the truth can be found somewhere in the middle of those two numbers.
City of Kingston Numbers –
Sales volume down 24% from 87 to 66
Listings down 34% from 539 to 358
Average sales price up 17% and Median price up 5%
Sales volume down 31% from 13 to 9
Listings down 64% from 74 to 27
Average sales price up 29% and Median price up 6%
Semi-Detached Homes and Townhouses
Sales volume down 4% from 25 to 24
Listings down 31% from 93 to 64
Average sales price up 14% and Median price up 6%
The hottest style of home on the market in Kingston (due to a lack of inventory combined with the number of active Buyers) were detached houses priced between $250,000 and $350,000. Active listings were down by 61% from 186 to 71, which led to a sales volume decrease of 41% from 39 to 22.
This residential market trend carried on throughout the area…
Sales volume down 27% from 11 to 8
Listings down 64% from 64 to 29
Average price up 10% and Median price up 5%
Sales volume down 15% from 13 to 11
Listings down 21% from 126 to 100
Average sale price up 28% and Median price up 5%
Lennox and Addington (Amherstview, Odessa, etc)
Sales volume down 18% from 17 to 14
Listings down 63% from 103 to 38
Average sale price up 1% and median price up 13%
Sales volume was actually even with 15 sales
Listings were still down 31% from 135 to 94
Average sale price up 8% and median price up 22%
What does this all mean?
Sellers: no matter where you live it is a great time to get your home on the market. Having it look its best will still get the most money in the shortest amount of time, and we can help with that!
Buyers: have an underwritten mortgage pre-approval letter and determine your level of risk tolerance before heading out. In the current market, many homes are being sold in multiple offer competitions with limited or no conditions attached. We can help you work through this!