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.


Kingston and Area home sales, new listings rise in October

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association were up on a year-over-year basis in October 2014.

Residential property sales numbered 250 units in October, rising 16.3 per cent from the same month last year.

“The 250 homes that changed hands in October 2014 made for the strongest October sales figure for Kingston and surrounding areas in seven years,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “At the same time, the amount of product on the market has risen sharply since the spring, and that appears to have put a lid on price increases for now.”

The average price for homes sold through the Association’s MLS® System in October 2014 was $270,161, down 4.4 per cent from October 2013. The less volatile year-to-date average price was $283,029, up 1.6 per cent from the first 10 months of 2013.

There were 585 new residential listings on the Association’s MLS® System in October 2014, an increase of 10.4 per cent on a year-over-year basis. This was a record for new supply in the month of October.

Overall supply has risen sharply in recent months following a dip at the start of the year. Active residential listings on the Association’s MLS® System numbered 2,122 units at the end of October, up 27.3 per cent from the same month in 2013. This was the highest level for this time of the year in more than 15 years.

There were 8.5 months of inventory at the end of October 2014, up from 7.8 months at the end of October 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 $67.5 million in October 2014, an increase of 11.1 per cent from a year earlier. This was a record for the month of October.

Sales of all types of properties numbered 286 units in October, up 18.2 per cent on a year-over-year basis. The total value of all property sales rose 16.0 per cent from a year earlier to $75.6 million in October.

 


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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