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.
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