Kingston and Area Real Estate Association

Kingston and Area Real Estate Association MLS® home sales hold momentum into February

The number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 176 units in February 2024. This increased by 15% from February 2023.

Home sales were 19.2% below the five-year average and 14.9% below the 10-year average for the month of February.

On a year-to-date basis, home sales totaled 311 units over the first two months of the year. This was a gain of 22.4% from the same period in 2023.

“Although still a long way off from their longer-term averages, sales are gradually making a turnaround and moving further away from the lows of last year,” said Erin Finn, President of the Kingston and Area Real Estate Association. “New listings have also been rising but not as strongly as demand, so it appears that overall inventories are reaching a topping out point where they are no longer rising but not falling yet either. With the market now firmly in balanced territory we are expecting to see a moderate pickup in activity this spring as more buyers begin to test the waters after waiting it out on the sidelines all winter.”

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 $543,800 in February 2024, essentially unchanged, down just 0.3% compared to February 2023.

The benchmark price for single-family homes was $557,200, a slight gain of 0.1% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $506,700, falling by 4.8% compared to a year earlier, while the benchmark apartment price was $422,300, up only 0.2% from year-ago levels.

The average price of homes sold in February 2024 was $589,547, down by 6.5% from February 2023.

The more comprehensive year-to-date average price was $582,878, a decrease of 6.4% from the first two months of 2023.

The dollar value of all home sales in February 2024 was $103.8 million, a moderate gain of 7.6% from the same month in 2023.

The number of new listings increased by 5.8% from February 2023. There were 364 new residential listings in February 2024.

New listings were 3.5% above the five-year average and 7.2% below the 10-year average for the month of February.

Active residential listings numbered 647 units on the market at the end of February, a gain of 21.4% from the end of February 2023. Active listings haven’t been this high in the month of February in more than five years.

Active listings were 48.5% above the five-year average and 15.7% below the 10-year average for the month of February.

Months of inventory numbered 3.7 at the end of February 2024, up from the 3.5 months recorded at the end of February 2023 and below the long-run average of 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 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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