Kingston & Area Statistics – YTD June 2020

Kingston & Area Real Estate Stats June 2020
Kingston & Area Real Estate Stats June 2020

COVID-19 and the subsequent lockdowns have certainly shifted our “spring” market.   June has seen the flood gates open as Kingston and area went into Phase 2 of reopening.  Although sellers have not completely embraced listing their homes at this time, we are seeing buyers out in full competitive force.

Our average SOLD price Year-To-Date 2020 has seen a 10% increase over the same period as last year .   Prices prices have been affected by mainly the lack of inventory & the number of buyers.  Listings are down 16% from the same period last year.  To give you another perspective as well, Kingston and area has seen a sellers market for the last 4 years.  So if we compare with the number of houses listed from 2015 (same period), inventory is down 46% from that time frame.   

Recent CMHC rule changes which came into effect July 1st, in addition to mortgage companies increased scrutiny of the buyers employment records due to COVID, are going to make things tougher for buyers.  We are just not seeing the effects of this in Kingston yet.   

MULTIPLE OFFERS
Buyer are increasing finding themselves in multiple offer situations in today’s market.  This is discouraging to many.  To buyers, it appears ALL houses are in “bidding wars” which in fact only 30% of sales sold over asking.   How much over asking is another good question.  This table shows 2019 vs 2020 $$ over ask price.  As you can see the bulk of those which did sell over asking (the 30%), were distributed between $1 – $20,000 .  

% over asking

Without perspective, it would appear that there is lots to get discouraged over.   I strongly encourage you to work with a Realtor® who has their pulse on what is going on in the market and to provide you with advise which will prepare you for what you need to do to BUY or SELL your home.    Additional stress is not what we need right now and certainly not during your house hunting.  This is suppose to be a time of joy.  

I’m always here to answer your questions.  Give me a call!

 

New Record for Kingston and Area average price

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 370 units in May, down 16 per cent from a year earlier.

“Home sales continued to run at lower levels in May while new supply almost set a record,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “Despite this rebalancing of market conditions the average price has shown no signs of softening. It actually topped the $300,000 mark for the first time ever in May, although at least part of that reflects the fact that the biggest sales declines this May were seen in the $200,000 to $250,000 range. That serves to give more weight in the calculation of the average to homes selling at the higher end, and that boosts the average selling price.”

The average price for homes sold through the Association’s MLS® System in May 2014 was a record $302,872, an increase of six per cent from May 2013.

There were 1,009 new residential listings on the Association’s MLS® System in May 2014, rising 17 per cent on a year-over-year basis. This was the highest level for the month on record and only the second time new supply had risen above 1,000 units.

Overall supply levels remain elevated. Active residential listings on the Association’s MLS® System numbered 2,278 units at the end of May, up 12 per cent from the same month in 2013.

There were 6.2 months of inventory at the end of May 2014, up from 4.6 months at the end of May 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 $112.1 million in May 2014, falling 11 per cent from a year earlier.

Sales of all types of properties numbered 408 units in May, down 15 per cent on a year-over-year basis. The total value of all property sales declined 12 per cent from a year earlier to $118.9 million in May.


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.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

 

Quiet April for Kingston and area home sales

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.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

Kingston home sales and new listings down, average price up in March

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 226 units in March. This was down 10 per cent from a year earlier.

“Home sales in the region remained at lower levels in March, although still up from the beginning of the year,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “Scratching the surface, it turns out the bulk of the year-over-year decline in March sales was focused in the price range from $200K to $250K, while activity priced above $500K saw a considerable uptick compared to the same month last year. As a result of this compositional change, the average home price in the region posted a double digit increase and set a new monthly record.”

The average price for homes sold through the Association’s MLS® System in March 2014 was a record $294,895, an increase of 13 per cent from March 2013.

There were 643 new residential listings on the Association’s MLS® System in March 2014, down five per cent on a year-over-year basis. New listings have slowed sharply in the past two 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 1,666 units at the end of March, up seven per cent from the same month in 2013.

There were 7.4 months of inventory at the end of March 2014, up from 6.2 months at the end of March 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 $66.6 million in March 2014, edging up one per cent from a year earlier.

Sales of all types of properties numbered 252 units in March, down nine per cent on a year-over-year basis. The total value of all property sales edged up two per cent from a year earlier to $70.9 million in March.


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.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

Kingston home sales show little change in February

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 176 units in February. This was down 2.8 per cent (five sales) from a year earlier.

“Home sales in the region dropped sharply in January but regained most of that lost ground in February,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “Meanwhile, new listings edged back in February, which brought the market back into better balance.”

The average price for homes sold through the Association’s MLS® System in February 2014 was $274,834, almost unchanged (+$272) from February 2013.

There were 499 new residential listings on the Association’s MLS® System in February 2014, down nine per cent on a year-over-year basis.

Overall supply levels remain above last year’s levels, although they have trended lower compared to the end of 2013. Active residential listings on the Association’s MLS® System numbered 1,454 units at the end of February, up eight per cent from the same month in 2013.

There were 8.3 months of inventory at the end of February 2014, up from 7.4 months at the end of February 2013 and still 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 $48.4 million in February 2014, down three per cent from a year earlier.

Sales of all types of properties numbered 185 units in February, down 12 per cent on a year-over-year basis. The total value of all property sales dipped eight per cent from a year earlier to $5.9 million in February.

 


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.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

Slow start to 2014 for Kingston home sales

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 119 units in January. This was down 19 per cent from a year earlier.

Sales of all types of properties numbered 131 units in January, also down 19 per cent on a year-over-year basis.

“January was a bit of a slow month for home sales in the Kingston area,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “That said, as in many parts of Ontario the decline in sales in January was likely just a weather story, so we could easily see some of that deferred demand showing up in the months ahead and giving a boost to the spring market.”

The average price for homes sold through the Association’s MLS® System in January 2014 was $280,186, up 1.8 per cent from January 2013.

There were 586 new residential listings on the Association’s MLS® System in January 2014, up two per cent on a year-over-year basis.

Overall supply levels are on the rise. Active residential listings on the Association’s MLS® System numbered 1,345 units at the end of January, up 14 per cent from the same month in 2013.

There were 11.3 months of inventory at the end of January 2014, up from eight months at the end of January 2013 however this exactly matched 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 $33.3 million in January 2014, down 18 per cent from a year earlier. The total value of all property sales dipped 14 per cent from a year earlier to $38 million in January.


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.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

Home sales up in December

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 135 units in December. This was up nine per cent from a year earlier.

Sales of all types of properties numbered 151 units in December, also up nine per cent on a year-over-year basis.

On an annual basis sales numbered 3,165 units in 2013 down five per cent from 2012.

“A decent second half of the year for sales activity in the region was not enough to offset a slow start to 2013, with the annual sales figure coming in below the 2012 total but about in line with 2010 and 2011,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “Continuing the trend from the past four years, prices advanced by a little more than three per cent in 2013.”

The average price for homes sold through the Association’s MLS® System in December 2013 was $276,498, up 1.3 per cent from December 2012.

The average price of all home sales in 2013 was $279,339 an increase of 3.4 per cent from 2012. This was the highest annual average price on record.

There were 211 new residential listings on the Association’s MLS® System in December 2013, up five per cent on a year-over-year basis.

Overall supply levels are on the rise. Active residential listings on the Association’s MLS® System numbered 1,188 units at the end of December, up 23 per cent from the same month in 2012.

There were 8.8 months of inventory at the end of December 2013, up from 7.8 months at the end of December 2012 but still below 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 $37.3 million in December 2013, up 10 per cent from a year earlier. The total value of all property sales rose 11 per cent from a year earlier to $40.9 million in December.

 


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.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

 

Home Sales Edge Up In November

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 210 units in November. This was up two per cent from a year earlier.

Sales of all types of properties numbered 236 units in November, up four per cent on a year-over-year basis.

“Housing demand in the region remains a steady as she goes story, with the November sales figure edging up a bit from last year to stand roughly in line with the five and 10-year averages for the month,” said Tim Barber, President of the Kingston and Area Real Estate Association. “With just one month left to go this year it looks like sales for 2013 will come in about five per cent below 2012, and that’s really a story about a very strong first half of 2012, and a weak start this year. Meanwhile, prices have continued to grind higher, with the average home price likely to finish the year up about three and a half per cent.”

The average price for homes sold through the Association’s MLS® System in November 2013 was $289,977, up six per cent from November 2012.

There were 410 new residential listings on the Association’s MLS® System in November 2013, up three per cent on a year-over-year basis.

Overall supply levels have risen in recent months. Active residential listings on the Association’s MLS® System numbered 1,504 units at the end of November, up 18 per cent from the same month in 2012.

There were 7.2 months of inventory at the end of November 2013, up from 6.2 months at the end of November 2012 but still below 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 $60.9 million in November 2013, up nine per cent from a year earlier. The total value of all property sales rose eight per cent from a year earlier to $65.7 million in November.


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.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.