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.
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