Do you have your snow tires on yet? This region has certainly had enough winter weather already to warrant it. Fun fact though: Last year’s first school “snow day” was also mid November; so it really shouldn’t have come as a surprise we guess.
Speaking of surprises, when Santa came to town for the parade recently, I’m sure he was astonished at how few homes of any kind there are for sale this year. And he’s right, active residential listings were down 7.1% (948) this October compared to the same month last year. And compared to three years ago, The Kingston and Area Board has a whopping 42.6% less inventory (58.4% less than 5 years ago). Total months of inventory for October five years ago was 8…this year is 3 (that’s 5 months less available listings at current average sales rate). Sales were actually up 2% this October too with 308 total sold.
That lack of supply, with still plenty of demand, certainly helps explain why the average price is up 8% compared to last October, and 7.6% year-to-date. The average price has gone up on approximately 7% per year over the past 5 years for our Board. Now, we know that all the new builds and higher end homes are still a contributing factor to that stat, but depending on location and type, there are still great returns to be had if you’re a seller…even better with excellent staging and marketing. 😊
Plus, with the election over and the economy still humming along, there is plenty of reasons to be optimistic about our local real estate market. For Sellers, there are still loads of Buyers eager and motivated; and we can help prep and market for maximum profit. For Buyers, with recent added government incentives and stable interest rates, you may be able to afford more than you originally thought. So speak to your trusted mortgage professional and then contact us for detailed insights into how to move forward based on your criteria…your best present this Holiday Season just might be a new home!