Kingston and Area Statistics Ending May 2016

Kingston and area real estate statistics has been very positive news so far this year.  As of the end of May 2016 we have seen a 4% increase in price.  This makes the average selling price of a home just over  $301,000.  AvgSellPriceMay2016

So far this year we have seen strong residential home sales for the first 4 months over last year.  This slowed down a bit for May which is still strong since residential home sales for May of last year was 18% over 2014.   This strong start helped bring down the inventory of homes by about 7.5% from last year at this time.  Some may recall that it was a little difficult to sell a home last year due to the volume of homes on the market and not enough buyers.  This made it a buyers market for 2015.   So 2016 is returning to a more balanced market with just 4.9 months of inventory on hand.  (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 a record $145.6 million in May 2016, an increase of 17.6 per cent from a year earlier. This was the first time volumes had ever surpassed $140 million in any month.

 

 

 

Kingston and area home sales ending 3rd Quarter 2015

When we look at the sales information for the first three quarters of 2014 vs 2015, Kingston saw an increase in single family home sales of 7.7%. This is considerably better than last year which saw a decrease over 2013 sales of nearly 6%. We don’t see this changing much by years end.

There were 553 new residential listings on the Association’s MLS® System in October 2015, down 5.5 per cent from the record October last year. However, this was still the second highest October level ever. Active residential listings on the Association’s MLS® System numbered 1,899 units at the end of October, down 10.5 per cent from the end of October 2014. There were 7.8 months of inventory at the end of October 2015, down from 8.5 months at the end of October 2014 and below 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 sales-to-new-listings ratio continues to be around the 37%. Effectively, what this means is that for every 3 houses which are put onto the market, only one sells. This is important to understand when listing your home.

Kingston’s average selling price of $290,580 saw a nice increase of 5.7% over the same period as last year. This increase is not seen as prices taking off but more so of a weakness of the prices in the 4th quarter of 2014.

Mortgage rates continue on the downward slope. As of October 21st, 2015, the advertised five-year lending rate stood at 4.64 per cent, unchanged from the previous Bank rate announcement on September 9th, and down 0.15 percentage points from one year ago. The next interest rate announcement will be on December 2nd, 2015, while the next update to the Monetary Policy Report will be On January 20th 2016. It is unknown what effect the introduction of the new Liberal government will be on these rates.

Employment and unemployment figures remained pretty steady. All these factors are great news for the Kingston housing market. It is forecasted that Ontario home sales over the next couple of years will be stable. This could change if we see increases in the mortgage rates.

New Home Sales
The price of buying a new home has been steadily increasing. The average price in the Kingston area for a single family home is $323k vs. 2010 when we saw the average price of $277k. New home starts have been steadily decreasing since a boom in 2003. The Kingston area saw a high of almost 900 new units started in 2003. Comparatively, 2014 saw 462 starts, and as of the end of October 2015 we are at 257 starts, a drop of 28% over the same period as last year.

Kingston and Area home sales pop up in August

Aug2015StatsHome sales recorded through the MLS® System of the Kingston and Area Real Estate Association posted a double digit year-over-year increase in August 2015.

Residential property sales numbered 297 units in August, up 13.4 per cent from the same month a year earlier. On a year-to-date basis home sales are currently running almost seven per cent ahead of the first eight months of 2014.

“August was an above average month for home sales in the Kingston area, not record breaking but an improvement from earlier this year,” said Jack Green, President of the Kingston and Area Real Estate Association. “Meanwhile, the average sales price this year is running more than three per cent ahead of 2014.”

The average price for homes sold through the Association’s MLS® System in August 2015 was $280,234, up 6.4 per cent from August 2014. The less volatile year-to-date average sale price was $294,338, an increase of 3.1 per cent from the first eight months of 2014.

There were 725 new residential listings on the Association’s MLS® System in August 2015, down 9.9 per cent on a year-over-year basis.

Active residential listings on the Association’s MLS® System numbered 2,204 units at the end of August, down 6.8 per cent from the end of August 2014.

There were 7.4 months of inventory at the end of August 2015, down from nine months at the end of August 2014 and on par with 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 $83.2 million in August 2015, an increase of 20.6 per cent from a year earlier. This was the highest August on record.

Sales of all types of properties numbered 335 units in August, climbing 12.4 per cent on a year-over-year basis. The total value of all property sales jumped 25.6 per cent from a year earlier to $95 million in August.


Kingston and Area home sales, new listings rise in October

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association were up on a year-over-year basis in October 2014.

Residential property sales numbered 250 units in October, rising 16.3 per cent from the same month last year.

“The 250 homes that changed hands in October 2014 made for the strongest October sales figure for Kingston and surrounding areas in seven years,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “At the same time, the amount of product on the market has risen sharply since the spring, and that appears to have put a lid on price increases for now.”

The average price for homes sold through the Association’s MLS® System in October 2014 was $270,161, down 4.4 per cent from October 2013. The less volatile year-to-date average price was $283,029, up 1.6 per cent from the first 10 months of 2013.

There were 585 new residential listings on the Association’s MLS® System in October 2014, an increase of 10.4 per cent on a year-over-year basis. This was a record for new supply in the month of October.

Overall supply has risen sharply in recent months following a dip at the start of the year. Active residential listings on the Association’s MLS® System numbered 2,122 units at the end of October, up 27.3 per cent from the same month in 2013. This was the highest level for this time of the year in more than 15 years.

There were 8.5 months of inventory at the end of October 2014, up from 7.8 months at the end of October 2013 and 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 $67.5 million in October 2014, an increase of 11.1 per cent from a year earlier. This was a record for the month of October.

Sales of all types of properties numbered 286 units in October, up 18.2 per cent on a year-over-year basis. The total value of all property sales rose 16.0 per cent from a year earlier to $75.6 million in October.

 


The information contained in this report has been prepared by
The Canadian Real Estate Association, in co-operation with the Kingston and Area Real Estate Association.
The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed.
In providing this information, neither The Canadian Real Estate Association nor
the Kingston and Area Real Estate Association assumes any responsibility or liability.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

Kingston and Area home sales edge up year-over-year in September





Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association was little changed on a year-over-year basis in September 2014.

Residential property sales numbered 251 units in September, edging p 1.6 per cent from the same month last year.

“September turned in another solid performance, with home sales running roughly in line with both the five and 10-year averages for the month,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “The same cannot be said of supply, which has risen sharply just over the past five months. This has given buyers more of an advantage in negotiations and may be starting to put the brakes on price increases.”

The average price for homes sold through the Association’s MLS® System in September 2014 was $274,387, little changed (-$216) from September 2013. The year-to-date average price was $284,357, up 2.2 per cent from the first three quarters of 2013.

There were 719 new residential listings on the Association’s MLS® System in September 2014, jumping 26 per cent on a year-over-year basis. This was a record for new supply in the month of September.

Overall supply has risen sharply in recent months following a dip at the start of the year. Active residential listings on the Association’s MLS® System numbered 2,328 units at the end of September, up 29 per cent from the same month in 2013. It was also the highest level for this time of the year since 1997.

There were 9.3 months of inventory at the end of September 2014, up from 7.3 months at the end of September 2013 and 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 $68.9 million in September 2014, an increase of 1.5 per cent from a year earlier.

Sales of all types of properties numbered 290 units in September, up 3.6 per cent on a year-over-year basis. The total value of all property sales rose 6.4 per cent from a year earlier to $78.3 million in September.

 


The information contained in this report has been prepared by
The Canadian Real Estate Association, in co-operation with the Kingston and Area Real Estate Association.
The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed.
In providing this information, neither The Canadian Real Estate Association nor
the Kingston and Area Real Estate Association assumes any responsibility or liability.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

Kingston and Area home sales remain solid in July

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 334 units in July, down five per cent from a year earlier.

“Home sales in July were down slightly from strong levels in the same month last year, but came in above the five-year average for the month and right in line with the 10-year average,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “The real story though is that following a pretty quiet start to the year the buyers were back in June and that trend continued in July.”

The average price for homes sold through the Association’s MLS® System in July 2014 was $284,282, an increase of four per cent from July 2013.

There were 768 new residential listings on the Association’s MLS® System in July 2014, rising 12 per cent on a year-over-year basis. This was a record for new supply in the month of July.

Overall supply has risen sharply in recent months. Active residential listings on the Association’s MLS® System numbered 2,312 units at the end of July, up 17 per cent from the same month in 2013.

There were 6.9 months of inventory at the end of July 2014, up from 5.6 months at the end of July 2013 and 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 $95 million in July 2014, edging down one per cent from a year earlier.

Sales of all types of properties numbered 373 units in July, down three per cent on a year-over-year basis. The total value of all property sales increased two per cent from a year earlier to $104.6 million in July.

 


The information contained in this report has been prepared by
The Canadian Real Estate Association, in co-operation with the Kingston and Area Real Estate Association.
The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed.
In providing this information, neither The Canadian Real Estate Association nor
the Kingston and Area Real Estate Association assumes any responsibility or liability.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

 

Kingston and Area home sales up in June

Kingston June Residential Sales Activity

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 385 units in June, up 18 per cent from a year earlier.

“Following a quiet April and May, home sales picked up noticeably in June,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “Meanwhile, new listings posted a second straight double-digit year-over-year increase, giving prospective buyers more options compared to just a few months ago.”

The average price for homes sold through the Association’s MLS® System in June 2014 was $287,738, an increase of 1.7 per cent from June 2013.

There were 832 new residential listings on the Association’s MLS® System in June 2014, rising 17 per cent on a year-over-year basis. This was a record for new supply in the month of June.

Overall supply has risen sharply in recent months. Active residential listings on the Association’s MLS® System numbered 2,344 units at the end of June, up 15 per cent from the same month in 2013 and a 16-year high for active supply at this time of the year.

There were 6.1 months of inventory at the end of June 2014, little changed from 6.3 months at the end of June 2013 and slightly below 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 $110.8 million in June 2014, up 20 per cent from a year earlier.

Sales of all types of properties numbered 415 units in June, up 12 per cent on a year-over-year basis. The total value of all property sales increased 15 per cent from a year earlier to $117.1 million in June.


The information contained in this report has been prepared by
The Canadian Real Estate Association, in co-operation with the Kingston and Area Real Estate Association.
The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed.
In providing this information, neither The Canadian Real Estate Association nor
the Kingston and Area Real Estate Association assumes any responsibility or liability.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

New Record for Kingston and Area average price

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 370 units in May, down 16 per cent from a year earlier.

“Home sales continued to run at lower levels in May while new supply almost set a record,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “Despite this rebalancing of market conditions the average price has shown no signs of softening. It actually topped the $300,000 mark for the first time ever in May, although at least part of that reflects the fact that the biggest sales declines this May were seen in the $200,000 to $250,000 range. That serves to give more weight in the calculation of the average to homes selling at the higher end, and that boosts the average selling price.”

The average price for homes sold through the Association’s MLS® System in May 2014 was a record $302,872, an increase of six per cent from May 2013.

There were 1,009 new residential listings on the Association’s MLS® System in May 2014, rising 17 per cent on a year-over-year basis. This was the highest level for the month on record and only the second time new supply had risen above 1,000 units.

Overall supply levels remain elevated. Active residential listings on the Association’s MLS® System numbered 2,278 units at the end of May, up 12 per cent from the same month in 2013.

There were 6.2 months of inventory at the end of May 2014, up from 4.6 months at the end of May 2013 and 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 $112.1 million in May 2014, falling 11 per cent from a year earlier.

Sales of all types of properties numbered 408 units in May, down 15 per cent on a year-over-year basis. The total value of all property sales declined 12 per cent from a year earlier to $118.9 million in May.


The information contained in this report has been prepared by
The Canadian Real Estate Association, in co-operation with the Kingston and Area Real Estate Association.
The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed.
In providing this information, neither The Canadian Real Estate Association nor
the Kingston and Area Real Estate Association assumes any responsibility or liability.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

 

Quiet April for Kingston and area home sales

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 298 units in April. This was down 18 per cent from a year earlier.

“Home sales were running at lower levels over the first quarter of the year, and that trend continued to play out in April,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “While activity has quieted down in recent months, prices have shown no signs of softening. That continues to be the case despite a year-over-year decline in the average price in April. That decline was simply the result of a record-breaking jump in the measure last April, not the start of a new trend now.”

The average price for homes sold through the Association’s MLS® System in April 2014 was $283,232, a decrease of 3.9 per cent from April 2013.

There were 877 new residential listings on the Association’s MLS® System in April 2014, down 14 per cent on a year-over-year basis As with sales, new listings have also been running at lower levels in recent months.

Overall supply levels remain above last year’s levels, although they have been trending lower compared to the end of 2013. Active residential listings on the Association’s MLS® System numbered 1,979 units at the end of April, up just three per cent from the same month in 2013.

There were 6.6 months of inventory at the end of April 2014, up from 5.3 months at the end of April 2013 and 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 $84.4 million in April 2014, falling 21 per cent from a year earlier.

Sales of all types of properties numbered 346 units in April, down 14 per cent on a year-over-year basis. The total value of all property sales declined 20 per cent from a year earlier to $93.3 million in April.


The information contained in this report has been prepared by
The Canadian Real Estate Association, in co-operation with the Kingston and Area Real Estate Association.
The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed.
In providing this information, neither The Canadian Real Estate Association nor
the Kingston and Area Real Estate Association assumes any responsibility or liability.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

Kingston home sales and new listings down, average price up in March

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 226 units in March. This was down 10 per cent from a year earlier.

“Home sales in the region remained at lower levels in March, although still up from the beginning of the year,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “Scratching the surface, it turns out the bulk of the year-over-year decline in March sales was focused in the price range from $200K to $250K, while activity priced above $500K saw a considerable uptick compared to the same month last year. As a result of this compositional change, the average home price in the region posted a double digit increase and set a new monthly record.”

The average price for homes sold through the Association’s MLS® System in March 2014 was a record $294,895, an increase of 13 per cent from March 2013.

There were 643 new residential listings on the Association’s MLS® System in March 2014, down five per cent on a year-over-year basis. New listings have slowed sharply in the past two months.

Overall supply levels remain above last year’s levels, although they have been trending lower compared to the end of 2013. Active residential listings on the Association’s MLS® System numbered 1,666 units at the end of March, up seven per cent from the same month in 2013.

There were 7.4 months of inventory at the end of March 2014, up from 6.2 months at the end of March 2013 and 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 $66.6 million in March 2014, edging up one per cent from a year earlier.

Sales of all types of properties numbered 252 units in March, down nine per cent on a year-over-year basis. The total value of all property sales edged up two per cent from a year earlier to $70.9 million in March.


The information contained in this report has been prepared by
The Canadian Real Estate Association, in co-operation with the Kingston and Area Real Estate Association.
The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed.
In providing this information, neither The Canadian Real Estate Association nor
the Kingston and Area Real Estate Association assumes any responsibility or liability.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.