Kingston & Area Real Estate Statistics - YTD Ending May 2020
The real estate market continues churn for the Kingston & Area markets, but at volumes significantly less then normal!
MONTH to MONTH
Units sold were up by 67% over April 2020 from 177 Units to 295 for Kingston & Area. To put this into perspective… May of 2019 saw 464 sales.
YEAR over YEAR
Kingston and area started off very strong again until the breaks were applied in March. Since then approx. 35% less houses have sold for the same time frame of 2019.
Yet… despite COVID-19… prices YTD shows a strong increase of 8%. This is mainly due to the strong start to 2020 but even so, you can see that prices for May 2020 have increased by approximately 7% over May 2019.
The numbers shown reflect the Kingston and Area which includes Lennox & Addington, Frontenac, Thousand Islands etc. . Price increases in each area, even neighbourhoods, may be completely different and you need to consult a real estate professional to evaluate how a particular neighbourhood is performing.
We have seen a lack of inventory for the last 4 years. COVID has and will have an impact on both Buyers and Sellers.
Those who have lost their jobs will find it more difficult to meet the demands of the mortgage companies. As household debt increase and the downpayment accounts are dwindling the dream for many could be delayed. Talking with a REALTOR® can assist with your long term game plan going forward.
Sellers are fearful of the associated risk of COVID and may feel that the house values are dropping and feel anxiety and fear.
Things may not be as bad as you are imagining and the best course of action would be to talk with a REALTOR® who is in touch with the market and trends during this new day and talk about your individual situation.
What we know for sure is that homes are being listed and buyers are buying and we are seeing multiple offers again. So this is great news for anyone looking to Sell as it is still a Sellers market!!!
Give me a call to chat about your situation… I love to help!!