Kingston and Area Real Estate Association

MLS® home sales in the Kingston area set new annual record in 2021

The number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 186 units in December 2021. This was a substantial decline of 24.1% from December 2020.

Home sales were 2.5% above the five-year average and 12.8% above the 10-year average for the month of December.

On an annual basis, home sales totaled a record 4,406 units over the course of 2021. This was a gain of 7.1% from the same period in 2020.

"If 2020 was considered an exceptional year for our local real estate market, then 2021 should be considered extraordinary.” said Mark Malinoff, President of the Kingston and Area Real Estate Association. "December resale homes sales outpaced the number of newly listed properties for the first time since late 2020. As a result, overall inventory has been severely depleted. Active listings fell below 200 units for the first time on record. With so few homes available for buyers to choose from, the market remains imbalanced, skewing heavily in favour of sellers. Subsequently, year over year price gains of near 30% have become the norm. Unless new listings pick up soon it is reasonable to expect that current market conditions will persist for the foreseeable future."

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 $547,900 in December 2021, was a notable gain of 28.8% compared to December 2020.

The benchmark price for single-family homes was $546,400, increasing by 28.9% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $455,000, an advance of 32.1% compared to a year earlier, while the benchmark apartment price rose 22.7% to $393,300, from year-ago levels.

The average price of homes sold in December 2021 was $595,945, up by 17.8% from December 2020.

The more comprehensive annual average price was $582,494, advancing 26.4% from all of 2020.

The dollar value of all home sales in December 2021 was $110.8 million, a reduction of 10.5% from the same month in 2020.

The number of new listings significantly declined by 30.1% from December 2020. There were 144 new residential listings in December 2021. This was the lowest number of new listings added in the month of December in 15 years.

New listings were 17.6% below the five-year average and 28.9% below the 10-year average for the month of December.

Active residential listings numbered 150 units on the market at the end of December, a substantial decrease of 41.9% from the end of December 2020. Active listings haven't been this low in the month of December in more than three decades.

Active listings were 66.3% below the five-year average and 82% below the 10-year average for the month of December.

Months of inventory numbered 0.8 at the end of December 2021, down from the 1.1 months recorded at the end of December 2020 and below the long-run average of 5.5 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 ).


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KINGSTON AND AREA REAL ESTATE ASSOCIATION

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For more information,
please contact:

(613) 384-0880
info@karea.ca

President
Mark Malinoff