Kingston and Area Real Estate Association MLS® home sales miss January record by five sales
The number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 206 units in January 2021. This was an increase of 14.4% from January 2020. Residential sales haven't hit this level in the month of January in more than a decade.
"Home sales continued at their breakneck pace in January, coming in just five sales shy of tying the record for the month set back in 2007 and keeping the momentum going from last year," said Mat Clancy, President of the Kingston and Area Real Estate Association. "With market conditions the tightest they’ve ever been amid record low (and still falling) supply levels we’re seeing the same trends play out as many other centres in Ontario. Price growth remains firmly anchored inside double-digit territory and price levels are reaching new records."
The average price of homes sold in January 2021 was a record $522,978, rising 27.9% from January 2020.
The dollar value of all MLS® home sales in January 2021 was $107.7 million, a large increase of 46.4% from the same month in 2020. This was also a new record for the month of January and the first time the total value had ever surpassed $100 million in this month.
There were 254 new residential listings in January 2021. This was a considerable decline of 35.9% from the end of January 2020. This was the lowest number of new listings added in the month of January in more than three decades.
Active residential listings numbered 270 units at the end of January. This was a significant decrease of 57.3% from the end of January 2020. Active listings haven't been this low in the month of January in more than three decades.
Months of inventory numbered 1.3 at the end of January 2021, down from the 3.5 months recorded at the end of January 2020 and below the long-run average of 6.7 months for this time of 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.
Board & Association Information
Incorporated over 75 years ago as a not-for-profit organization, the Kingston & Area Real Estate Association (KAREA) represents over 550 real estate professionals who are also members of The Canadian Real Estate Association (CREA) and the Ontario Real Estate Association (OREA ).
KINGSTON AND AREA REAL ESTATE ASSOCIATION
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