Home sales slip further in February

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 181 units in February. This was a decline of 26 per cent from a very strong February 2012.

Sales of all types of properties numbered 209 units, down 23 per cent on a year-over-year basis.

“It’s important to remember that last February was the strongest month for activity in the region in three years on a seasonally adjusted basis, which means even after accounting for the fact that 2012 was a leap year, so that explains at least some of the big year-over-year decline in sales this February,” said Tim Barber, President of the Kingston and Area Real Estate Association. “Having said that, February’s year-over-year decline also reflects the fact that demand has quieted down in recent months. At the same time, new listings have generally been trending up, and that’s resulted in a rising trend in the overall number of homes on the market.”

The average price for homes sold through the Association’s MLS® System in February 2013 was $274,562, up five per cent from February 2012.

There were 546 new residential listings on the Association’s MLS® System in February 2013, down two per cent on a year-over-year basis.

Active residential listings on the Association’s MLS® System numbered 1,347 units at the end of February, up 10 per cent from the same month in 2012.

There were 7.4 months of inventory at the end of February 2013. This was up from five months at the end of February 2012, and also stood 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 $49.7 million in February 2012, down 23 per cent from a year earlier. The total value of all property sales declined 20 per cent on a year-over-year basis to $55.3 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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