Kingston and Area Real Estate Association

Kingston and Area home sales up year-over-year in December as supply falls further

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association totaled 161 units in December 2019. This was an increase of 12.6% from December 2018.

On an annual basis, home sales totalled 3,780 units over the course of 2019, up 2.7% from the same period in 2018.

“Home sales remain at solid levels even as supply continues to fall,” said Dave Pinnell Jr President of the Kingston and Area Real Estate Association. “The issue facing potential homebuyers heading into 2020 is that listings are now at their lowest level ever. That continues to generate considerable competition among buyers and is resulting in big price gains.”

The average price of homes sold in December 2019 was $426,753, jumping 16.1% from December 2018.

The more comprehensive annual average price for 2019 was $395,475, up 8.3% from all of 2018.

There were 162 new residential listings in December 2019, a decrease of 10% on a year-over-year basis.

Active residential listings numbered just 593 units at the end of December – the lowest level ever recorded. It was a decrease of 17.5% from the end of December 2018.

Months of inventory numbered only 3.7 at the end of December 2019, down from 5 months recorded at the end of December 2018 and 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 December 2019 was $68.7 million, a large 30.7% increase from the same month in 2018. This was a new record for the month of December.

Sales of all property types numbered 185 units in December 2019, up 9.5% from December 2018. The total value of all properties sold was $72.2 million, rising 24.9% from December 2018.

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 ).

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(613) 384-0880

Dave Pinnell Jr