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Records Still Climbing in the Kingston Real Estate Market

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Records Still Climbing in the Kingston Real Estate Market
2 min. read

September has been a good month in the Kingston real estate market for the past 10 years, and 2016 was no exception. For the 11th time in a row, the previous year’s home sales were surpassed by the most recent statistics. This year’s increase was so large that it only narrowly missed breaking the all-time sales record for the Kingston area real estate market.

In 2016, 316 homes were sold in the Kingston area. That represents the eleventh September increase in a row, and an increase of 12.1% from the previous year. Similar growth was seen over the entire year through until the end of September. The total number of sales from January 1st 2016 through until the end of August was 2,917. This was 12.4% more than sold over the same stretch of time in 2015.

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Photo Credit: By Timkal via Wikimedia Commons

Although Sales Record Stands, Average Price Record Broken

The sales record from 2003 still stood this August, but the average price of properties sold in the Kingston area did reach a new high. The new average home price was $320,037, an 8.6% increase over the average price in September a year earlier. The average price over a long period of time provides a better indication of overall market movement, because it is less skewed by the presence of a few extreme outliers at either end of the pricing spectrum. The average price of all homes sold between January and the end of September was $305,839, a 3.9% increase of the average price over the same span in 2015.

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Listings Shrinking in Kingston and the Surrounding Area

In the Kingston area, listings have been shrinking this September. The new listings for the month were down 9.4% compared to last year, landing at 615 new homes for sale in the area. The total number of active listings on the market is also down in comparison to the previous year. The total listings are down even further than the new listings, something that is likely a reflection of the sales growth in the area. The active listings as of the end of September totalled 1,768 residences. This was a 14.5% decrease in the total amount of available inventory at the end of September, 2015. This decrease means that if homes were to continue selling at the current rate, the supply would only last for 5.7 months before becoming depleted. However, that supply was 7.4 months at the same time last year.

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