Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 370 units in May, down 16 per cent from a year earlier.
“Home sales continued to run at lower levels in May while new supply almost set a record,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “Despite this rebalancing of market conditions the average price has shown no signs of softening. It actually topped the $300,000 mark for the first time ever in May, although at least part of that reflects the fact that the biggest sales declines this May were seen in the $200,000 to $250,000 range. That serves to give more weight in the calculation of the average to homes selling at the higher end, and that boosts the average selling price.”
The average price for homes sold through the Association’s MLS® System in May 2014 was a record $302,872, an increase of six per cent from May 2013.
There were 1,009 new residential listings on the Association’s MLS® System in May 2014, rising 17 per cent on a year-over-year basis. This was the highest level for the month on record and only the second time new supply had risen above 1,000 units.
Overall supply levels remain elevated. Active residential listings on the Association’s MLS® System numbered 2,278 units at the end of May, up 12 per cent from the same month in 2013.
There were 6.2 months of inventory at the end of May 2014, up from 4.6 months at the end of May 2013 and 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 $112.1 million in May 2014, falling 11 per cent from a year earlier.
Sales of all types of properties numbered 408 units in May, down 15 per cent on a year-over-year basis. The total value of all property sales declined 12 per cent from a year earlier to $118.9 million in May.
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.
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