Kingston and Area Real Estate Association MLS® home sales continue to slow in October
The number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 220 units in October 2022. This was a sharp decrease of 34.5% from October 2021.
Home sales were 30.4% below the five-year average and 24.8% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 2,957 units over the first 10 months of the year. This was down sharply by 24.7% from the same period in 2021.
“Home sales continued to slow in October from the record-setting pace we experienced last year. However, when looking through the seasonality in the monthly trend it appears that activity is slowly picking up from the lows experienced over the summer,” said Mark Malinoff, President of the Kingston and Area Real Estate Association. “As interest rates continue to rise to combat high and persistent inflation, we expect activity to continue to moderate into the end of the year. On the supply side, overall inventories are up from record lows at the beginning of the year but are still well below long-term averages. For homebuyers still looking to enter the market there is more inventory to choose from compared to earlier in the year.”
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 $568,300 in October 2022, a gain of 6.3% compared to October 2021.
The benchmark price for single-family homes was $580,300, up by 6.2% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $536,600, an increase of 5.6% compared to a year earlier, while the benchmark apartment price was $443,900, a sizable gain of 13.7% from year-ago levels.
The average price of homes sold in October 2022 was $636,150, a minor increase of 3.7% from October 2021.
The more comprehensive year-to-date average price was $660,302, a sizable gain of 14.2% from the first 10 months of 2021.
The dollar value of all home sales in October 2022 was $140 million, a substantial reduction of 32.1% from the same month in 2021.
The number of new listings saw an advance of 33.8% from October 2021. There were 459 new residential listings in October 2022.
New listings were 5.3% above the five-year average and 3.7% below the 10-year average for the month of October.
Active residential listings numbered 738 units on the market at the end of October, more than double the levels from a year earlier, increasing 113.9% from the end of October 2021.
Active listings were 7% above the five-year average and 37.7% below the 10-year average for the month of October.
Months of inventory numbered 3.4 at the end of October 2022, up from the 1 month recorded at the end of October 2021 and below the long-run average of 4.4 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 630 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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