Home sales remain at more moderate levels in January

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 147 units in January. This was decrease of 17 per cent from a very strong January 2012, but stood even with the five year average for the month.

Sales of all types of properties numbered 161 units, down 16 per cent on a year-over-year basis.

“Home sales activity has actually remained pretty stable since the market initially geared down in the wake of changes to insured mortgage lending rules back in July last year,” said Tim Barber, President of the Kingston and Area Real Estate Association. “The apparent deepening of year-over-year declines in recent months is really a reflection of rising demand at this time last year, with last January marking some of the strongest activity we’ve seen in the entire post-recession period.”

The average price for homes sold through the Association’s MLS® System in January 2013 was $275,287, edging up one per cent from January 2012.

There were 574 new residential listings on the Association’s MLS® System in January 2013. This was up six per cent year-over-year.

Active residential listings on the Association’s MLS® System numbered 1,176 units at the end of January, up 11 per cent from the same time in 2012.

Months of inventory numbered eight at the end of January 2013, up from six months at the end of January 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 $40.5 million in January 2012, down 16 per cent from a year earlier. The total value of all property sales declined 12 per cent on a year-over-year basis to $44 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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