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.

 
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