Kingston and Area Real Estate Association MLS® home sales return to more normal levels in April
The number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 379 units in April 2022. This was a decrease of 28.8% from April 2021.
Home sales were 0.3% below the five-year average and 1.3% below the 10-year average for the month of April.
On a year-to-date basis, home sales totaled 1,171 units over the first four months of the year. This was a large decline of 24.5% from the same period in 2021.
“Sales activity was down from the astronomical April record set last year but still managed to come in at typical levels for this time of year,” said Mark Malinoff, President of the Kingston and Area Real Estate Association. “New listings also hit the average mark for April, which meant that the market balance and historically low level of overall inventories were both relatively unchanged. Benchmark price gains are still well in double-digit territory and price levels are currently trending at or near all-time highs.”
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 $622,000 in April 2022, up by 24.8% compared to April 2021.
The benchmark price for single-family homes was $621,500, an increase of 24.1% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $516,800, a sizable gain of 29.2% compared to a year earlier, while the benchmark apartment price was $438,300, advancing of 35.6% from year-ago levels.
The average price of homes sold in April 2022 was $700,846, increasing by 20.5% from April 2021.
The more comprehensive year-to-date average price was $704,213, a gain of 24% from the first four months of 2021.
The dollar value of all home sales in April 2022 was $265.6 million, down by 14.2% from the same month in 2021.
The number of new listings fell 9.1% from April 2021. There were 640 new residential listings in April 2022.
New listings were 7.9% above the five-year average and 17% below the 10-year average for the month of April.
Active residential listings numbered 409 units on the market at the end of April, a moderate decrease of 6.2% from the end of April 2021. Active listings haven’t been this low in the month of April in more than three decades.
Active listings were 43.8% below the five-year average and 69.8% below the 10-year average for the month of April.
Months of inventory numbered 1.1 at the end of April 2022, up from the 0.8 months recorded at the end of April 2021 and below the long-run average of 3.8 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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