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.
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