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.
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.