Kingston home sales show little change in February

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 176 units in February. This was down 2.8 per cent (five sales) from a year earlier.

“Home sales in the region dropped sharply in January but regained most of that lost ground in February,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “Meanwhile, new listings edged back in February, which brought the market back into better balance.”

The average price for homes sold through the Association’s MLS® System in February 2014 was $274,834, almost unchanged (+$272) from February 2013.

There were 499 new residential listings on the Association’s MLS® System in February 2014, down nine per cent on a year-over-year basis.

Overall supply levels remain above last year’s levels, although they have trended lower compared to the end of 2013. Active residential listings on the Association’s MLS® System numbered 1,454 units at the end of February, up eight per cent from the same month in 2013.

There were 8.3 months of inventory at the end of February 2014, up from 7.4 months at the end of February 2013 and still 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 $48.4 million in February 2014, down three per cent from a year earlier.

Sales of all types of properties numbered 185 units in February, down 12 per cent on a year-over-year basis. The total value of all property sales dipped eight per cent from a year earlier to $5.9 million in February.

 


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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