Kingston and Area MLS® home sales set new record in March
The number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 516 units in March 2021. This was a substantial increase of 68.1% from March 2020. This was also a new sales record for the month of March.
On a year-to-date basis, home sales totaled a record 1,036 units over the first three months of the year. This was a jump of 45.3% from the same period in 2020.
"March was a very strong month for resale market activity in our region." said Mat Clancy, President of the Kingston and Area Real Estate Association. "MLS® homes sales shattered the previous March monthly record of 380 set back in 2004. There was also a significant uptick in the number of newly listed resale homes last month. This is propping up overall inventory and is helping to fuel the spring market. We expect that as vaccines become more widely available over the next few months, some pent-up supply will start to come online from sellers that have been hunkered down riding out the pandemic for the last year."
The average price of homes sold in March 2021 was $577,974, a large gain of 36.1% from March 2020.
The more comprehensive year-to-date average price was $572,934, an advance of 34.9% from the first three months of 2020.
The dollar value of all home sales in March 2021 was $298.2 million, more than double the levels from a year earlier, surging 128.8% from the same month in 2020. This was a new record for the month of March and was also the largest dollar value of homes sold for any month in history.
The number of new listings saw an increase of 23.5% from March 2020. There were 715 new residential listings in March 2021. This was the largest number of new listings added in the month of March in five years.
Active residential listings numbered 396 units on the market at the end of March, declining by 49.3% from the end of March 2020. Active listings haven't been this low in the month of March in more than three decades.
Months of inventory numbered 0.8 at the end of March 2021, down from the 2.5 months recorded at the end of March 2020 and below the long-run average of 4.7 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 ).
KINGSTON AND AREA REAL ESTATE ASSOCIATION
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