Home Sales Edge Lower in December

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 205 units in November, a decrease of three per cent from the same month last year. Sales of all types of properties numbered 228 units, down five per cent on a year-over-year basis.

On a seasonally adjusted basis, home sales edged back five per cent month-over-month in November 2012, reversing some but not all of the gains made since August.

“Home sales activity in the Kingston area has held up pretty well in the wake of stricter mortgage rules that came into force in mid-July,” said Tim Barber, President of the Kingston and Area Real Estate Association. “To put it in perspective, demand in the past four months has been running, on average, just four per cent below levels observed in the first half of the year, and those were actually quite strong.”

A total of 3,197 homes have traded hands so far this year. This remains six per cent ahead of the first 11 months of last year, and stands above levels in the same period in 2010 as well.

The average price for homes sold through the Association’s MLS® System in November 2012 was $273,902, up 10 per cent from November 2011.

There were 400 new residential listings on the Association’s MLS® System in November 2012, rising 15 per cent from year-ago levels.

Active residential listings on the Association’s MLS® System numbered 1,276 units at the end of November, up nine per cent from the same time last year.

Months of inventory numbered 6.2 at the end of November 2012, up from 5.5 months at the end of November 2011, but 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 $56.1 million in November 2012, up six per cent from a year earlier. The total value of all property sales increased four per cent on a year-over-year basis to $60.9 million.

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 © 2013 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.


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