Kingston and Area Real Estate Association

Kingston and Area Real Estate Association MLS® new listings growth continues to outpace growth in sales

The number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 303 units in April 2024. This was up by 13.5% from April 2023.

Home sales were 4.5% below the five-year average and 14.6% below the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 817 units over the first four months of the year. This was an increase of 6.5% from the same period in 2023.

“Although home sales have started showing more signs of life after the long-winded decline from all-time highs in 2020 it’s been new listings that have really taken off since about one year ago,” said Erin Finn, President of the Kingston and Area Real Estate Association. “Whether buyers are still mulling over their finances or awaiting more concrete evidence that interest rate cuts are indeed on the way, the imbalance between supply and demand has now tilted the market in favour of buyers. Benchmark prices are trending sideways on a year-over-year basis and inventories are ample – conditions haven’t been this favourable for would-be buyers in quite some time, so any of them willing to come off the sidelines will find that there are many great opportunities to be had at the moment.”

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 $565,900 in April 2024, a modest gain of 1.6% compared to April 2023.

The benchmark price for single-family homes was $582,800, up modestly by 2.1% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $513,200, essentially unchanged, down just 0.5% compared to a year earlier, while the benchmark apartment price was $419,200, a small reduction of 1.5% from year-ago levels.

The average price of homes sold in April 2024 was $652,513, a slight gain of 0.8% from April 2023.

The more comprehensive year-to-date average price was $617,902, edging down 0.4% from the first four months of 2023.

The dollar value of all home sales in April 2024 was $197.7 million, a gain of 14.3% from the same month in 2023.

The number of new listings was up sharply by 36% from April 2023. There were 710 new residential listings in April 2024. This was the largest number of new listings added in the month of April in more than five years.

New listings were 30% above the five-year average and 6.9% above the 10-year average for the month of April.

Active residential listings numbered 1,015 units on the market at the end of April, a substantial increase of 59.6% from the end of April 2023. Active listings haven’t been this high in the month of April in more than five years.

Active listings were 65.4% above the five-year average and 0.4% above the 10-year average for the month of April.

Months of inventory numbered 3.3 at the end of April 2024, up from the 2.4 months recorded at the end of April 2023 and above the long-run average of 3 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 80 years ago as a not-for-profit organization, the Kingston & Area Real Estate Association (KAREA) represents over 650 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
Erin Finn

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