Kingston and Area Real Estate Association

Kingston and Area Real Estate Association MLS® home sales down from last year’s record, supply levels still historically low

The number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 317 units in August 2021. This was a substantial decrease of 29.1% from August 2020.

Home sales were 11.6% below the five-year average and 4.1% below the 10-year average for the month of August.

On a year-to-date basis, home sales totaled a record 3,291 units over the first eight months of the year. This was a sizable gain of 22.9% from the same period in 2020.

"Home sales recorded another sizeable decline from year-ago levels, something that we’ll likely keep seeing over the remainder of the year as activity moderates from last year’s astronomical records," said Mat Clancy, President of the Kingston and Area Real Estate Association. "New listings were down to well below average levels for this time of year, which isn’t helping the supply situation. While overall inventories are no longer falling as sharply as they were at the beginning of the year, they haven’t come off their rock-bottom levels either."

The average price of homes sold in August 2021 was $577,101, increasing by 19.4% from August 2020.

The more comprehensive year-to-date average price was $574,721, a gain of 29.5% from the first eight months of 2020.

The dollar value of all home sales in August 2021 was $182.9 million, down sharply by 15.4% from the same month in 2020.

The number of new listings saw a substantial decrease of 29.9% from August 2020. There were 386 new residential listings in August 2021. This was the lowest number of new listings added in the month of August in more than 15 years.

New listings were 20.6% below the five-year average and 32.8% below the 10-year average for the month of August.

Active residential listings numbered 368 units on the market at the end of August, a big decline of 42.9% from the end of August 2020. Active listings haven't been this low in the month of August in more than three decades.

Active listings were 57.9% below the five-year average and 74.9% below the 10-year average for the month of August.

Months of inventory numbered 1.2 at the end of August 2021, down from the 1.4 months recorded at the end of August 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 ).


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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
Mat Clancy