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.