Exceeding the $100 million mark for the very first time in terms of total home sales, real estate in Kingston remained strong throughout October 2018. Here are the details:
Slight Uptick in Home Sales but New Record in Total Value
According to the most recent report from the Canadian Real Estate Association (CREA), October 2018 saw 303 home sales in Kingston, up less than 1% from the same month last year. Despite a large number of overall transactions taking place—in fact, the second highest level ever for the month, with just nine fewer sales than the busiest on record, October 2016—year-to-date, the area has seen a nearly 10% decrease in the number of units sold, with a total of 3,288.
The dollar value for all the residential properties transacted was nearly $110 million this October, which represents an increase of 11% compared to the same time last year and an all-time high for the month of October.
Inventory Levels Remain Low but Listings Are Up
“Home sales were historically very strong in October, marking the second highest level ever for the month. Meanwhile, with inventories still stuck at pretty low levels, the average price in the region is on track for another sizeable year-over-year gain in 2018—the biggest since 2005,” said Barb Guiden, President of the Kingston and Area Real Estate Association, as cited on CREA.
The total number of active residential listings is indeed close to reaching historic lows, at 1,022 total active listings by the end of October 2018. This is up more than 5% from October of last year, but data from the last decade shows active listings generally falling between one to two thousand listings. Though Kingston real estate inventory numbers were down overall, there were gains in October on a year-to-year basis with a total of 466 new residential listings.
The Average Home Price Soars More than 10%
In October 2018, the average sales price for a home was $358,741, which is a 10.6% increase from October 2017. A look at the year-to-date average price ($363,283), shows a similar gain with a boost of 9.3% over the first ten months of last year.
|Period||Average Home Price in Kingston|
|January 2018 - October 2018||$363,283|
Quarterly performance data paints a similar picture, with a median sales price of $355,000 for Kingston detached homes in Q3 2018 compared to $314,500 in Q3 2017—a jump of nearly 13%. Note that is the highest median sales price for any quarter on record.
Months of Inventory Point Towards a Seller’s Market
In October 2017 the months of inventory were 3.2, which is nearly identical to October 2018’s number of 3.4. This is well below the long-term average for this time of year, which comes in just shy of eight months at 7.8. The number of months of inventory refers to how quickly the current inventory would sell at the current sales levels. Experts generally agree that months of inventory less than four months shows a market strongly in the seller’s favour.
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