Kingston and Area home sales hit three-year high for February
Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association totaled 226 units in February 2020. This was up 5.1% (11 sales) from February 2019.
On a year-to-date basis, home sales totalled 406 units over the first two months of the year. This was little changed, up only 0.2% (one sale) from the same period in 2019.
“Home sales managed to remain above both the five and 10-year averages for February, 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 a few months 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 strong price growth, as we’ve already seen in the first couple of months of 2020.”
The average price of homes sold in February 2020 was a record $437,183, jumping 19.3% from February 2019.
The more comprehensive year-to-date average price was $424,625, rising 15.9% from the first two months of 2019.
There were 388 new residential listings in February 2020, edging up 3.2% (12 listings) on a year-over-year basis.
That said, overall listings are at record lows. Active residential listings numbered just 681 units at the end of February, dropping 9.6% from the end of February 2019.
Months of inventory numbered 3 at the end of February 2020, down from 3.5 months recorded at the end of February 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 February 2020 was $98.8 million, surging 25.4% from the same month in 2019. This was a new record for the month of February.
Sales of all property types numbered 249 units in February 2020, up 5.5% (13 sales) from February 2019. The total value of all properties sold was $106.5 million, rising 27.6% from February 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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