Kingston and Area home sales remain above-average in January despite record-low supply
Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association totaled 181 units in January 2020. This was down 4.7% (nine sales) from January 2019 but was still historically strong.
“Home sales managed to remain above both the five and 10-year averages for January, probably owing to a bit of a bounce in new supply amid overall inventories which are at record lows,” said Dave Pinnell Jr., President of the Kingston and Area Real Estate Association. “That said, it will take a lot more than one month of stronger new listings to bring supply back towards balance with very strong demand. In the meantime, buyers and sellers can expect to see further price growth, as we saw in January.”
The average price of homes sold in January 2020 was $407,814, rising 11.4% from January 2019.
There were 396 new residential listings in January 2020. This was up 4.5% on a year-over-year basis.
Even so, overall listings are currently at their lowest level on record. Active residential listings numbered just 627 units at the end of January, a decrease of 13% from the end of January 2019.
Months of inventory numbered only 3.5 at the end of January 2020, down a bit from 3.8 months recorded at the end of January 2019 and also a record low 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.
The dollar value of all home sales in January 2020 was $73.8 million, up 6.1% from the same month in 2019. This was a new record for the month of January.
Sales of all property types numbered 205 units in January 2020, down 7.2% from January 2019. The total value of all properties sold was $78.1 million, up 3.9% from January 2019.
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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