Kingston and Area Real Estate Association MLS® home sales remain historically strong in October
The number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 330 units in October 2021. This was down sharply by 21.8% from October 2020 but still posted the second best level for this month on record.
Home sales were 0.3% above the five-year average and 11.3% above the 10-year average for the month of October.
On a year-to-date basis, home sales totaled a record 3,943 units over the first 10 months of the year. This was an increase of 12% from the same period in 2020.
"Home sales picked up on a monthly basis and came in at the second highest October in history," said Mat Clancy, President of the Kingston and Area Real Estate Association. "What’s amazing about this feat is not only the pace of demand, which seems unstoppable, but also the fact that sales even managed to come in this high given the absolute lack of available supply on the market, which has hovered at historically low levels since the beginning of the year. It’s no surprise then, given the imbalance between supply and demand, that benchmark prices are rising by about 30% and gains are slowly getting stronger."
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $527,700 in October 2021, was a sizable gain of 28% compared to October 2020.
The benchmark price for single-family homes was $525,000, increasing by 28.1% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $443,000, an advance of 32.7% compared to a year earlier, while the benchmark apartment price was $386,500, up by 21.2% from year-ago levels.
The average price of homes sold in October 2021 was a record $616,749, a sizable gain of 26.3% from October 2020.
The more comprehensive year-to-date average price was $579,627, increasing by 27.7% from the first 10 months of 2020.
The dollar value of all home sales in October 2021 was $203.5 million, was a modest decline of 1.2% from the same month in 2020.
The number of new listings was down sharply by 26.6% from October 2020. There were 343 new residential listings in October 2021. This was the lowest number of new listings added in the month of October in more than 15 years.
New listings were 19.1% below the five-year average and 29.3% below the 10-year average for the month of October.
Active residential listings numbered 328 units on the market at the end of October, a substantial decline of 36.8% from the end of October 2020. Active listings haven't been this low in the month of October in more than three decades.
Active listings were 55.5% below the five-year average and 74% below the 10-year average for the month of October.
Months of inventory numbered 1 at the end of October 2021, down from the 1.2 months recorded at the end of October 2020 and below the long-run average of 4.6 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
For more information,