Homes Sales Rise in October

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association came in above year-ago levels in October 2012.

Residential sales numbered 249 units in October, an increase of 12 per cent from the same month last year. Sales of all types of properties numbered 286 units, rising 13 per cent on a year-over-year basis.

On a seasonally adjusted basis home sales edged up two per cent month-over-month in October 2012, building on the six per cent gain in September.

“Home sales activity in the Kingston area remained on a solid footing in October,” said Al Sytsma, President of the Kingston and Area Real Estate Association. “It was actually the best October sales figure in five years.”

A total of 2,992 homes have traded hands so far this year. This remains six per cent ahead of the first 10 months of last year, and stands above levels in the same period in 2009 and 2010 as well.

The average price for homes sold through the Association’s MLS® System in October 2012 was $269,944. This was up four per cent from October 2011.

There were 524 new residential listings on the Association’s MLS® System in October 2012, jumping 21 per cent from year-ago levels.

Active residential listings on the Association’s MLS® System numbered 1,386 units at the end of October, up three per cent from the same time last year.

Months of inventory numbered 5.6 at the end of October 2012, down from 6.1 months at the end of October 2011 and well 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 $67.2 million in October 2012, rising 17 per cent from a year earlier. The total value of all property sales increased 18 per cent on a year-over-year basis to $75 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 © 2012 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

 
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