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February Sales Best in Five Years for Kingston Real Estate Market

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February Sales Best in Five Years for Kingston Real Estate Market
3 min. read

As prices in the Toronto real estate market soar to unprecedented heights, alternative cities in Ontario are becoming better and better options for many buyers, which has helped to drive the strength of the Kingston real estate market, among many other cities in the province. While these smaller centres may not have the metropolitan appeal of Toronto, they allow people to live in the province of their choice, and in the case of Kingston, only a three-hour drive from the largest city in Canada, and a two-hour drive from the nation’s capital. As such, this often overlooked city is becoming a more appealing option for many buyers.

The result of this new-found popularity is a five-year high in the sales numbers for the month of February in Kingston and its immediate surrounding area. The growth was significant as well, rising to 220 homes in February. This was 18.3% more than sold in the area in the same month in 2016. The year-to-date sales increase also reached the double-digit percentiles, with the 371 homes sold over the first two months equivalent to 11.1% more than were sold over the same time period in 2016.

Sales Outpacing Listings in Kingston

The hot sales market in Kingston is certainly winning the race against the new listings coming onto the market. In the month of February, only 482 new homes were put up for sale in the Kingston area. This was 12.7% fewer than the same month last year. This was a ten-year record for the fewest number of homes added to the marketplace in Kingston for the month of February. The sales growth coupled with the limited number of new listings means that overall supply numbers plummeted compared to last year. The 22.3% drop in total homes available for sale in the area means that there were only 1,252 homes available for buyers to choose from at the end of the month.

Prices Climbing in Step with Sales Growth

With sales growth reaching the numbers that it has while listings are dwindling, it shouldn’t be surprising that prices are going up in Kingston, especially because this growth has been sustained now over a considerable period of time. As a result, February prices are up year-over-year by a margin of 14.8%, coming to a new average sale price of $310,926. The average price of all homes sold since the beginning of the year was up a very similar amount, climbing 13.9% over 2016’s average home sale value.

Overall, Kingston has been a hot market through the few months of 2017 that we have seen so far. A pattern certainly seems to be emerging in the area. If the local economy holds steady, there could be many more months of growth in sales and increasing prices in the Kingston area.

 

 

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