The number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 219 units in October 2024. This was up by 21% from October 2023.
Home sales were 15.1% below the five-year average and 18% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 2,464 units over the first 10 months of the year. This was an increase of 10.8% from the same period in 2023.
“Sales activity came in above October from last year and the year before, although there’s still a way to go before we get back to what can be considered more normal levels for this time of year,” said Erin Finn, President of the Kingston and Area Real Estate Association. “New listings slowed down compared to September and as a result the market firmed up and moved closer to the middle of balanced territory. However, what we’re seeing in some markets at the moment is that sellers are responding very strongly to an increase in demand, so it’s possible that new listings could rise again through the rest of the fall if buyers continue to return in growing number .”
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $546,200 in October 2024, edging up 0.9% compared to October 2023.
The benchmark price for single-family homes was $559,500, a modest gain of 1.8% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $520,900, down modestly by 3.1% compared to a year earlier, while the benchmark apartment price was $417,300, a decrease of 6.9% from year-ago levels.
The average price of homes sold in October 2024 was $621,755, a moderate gain of 6.2% from October 2023.
The more comprehensive year-to-date average price was $619,281, edging up 0.5% from the first 10 months of 2023
The dollar value of all home sales in October 2024 was $136.2 million, a gain of 28.5% from the same month in 2023.
The number of new listings was down by 6.9% from October 2023. There were 473 new residential listings in October 2024.
New listings were 9.4% above the five-year average and 7.5% above the 10-year average for the month of October.
Active residential listings numbered 1,038 units on the market at the end of October, an increase of 12.9% from the end of October 2023. Active listings haven’t been this high in the month of October in more than five years.
Active listings were 55% above the five-year average and 15.7% above the 10-year average for the month of October.
Months of inventory numbered 4.7 at the end of October 2024, down from the 5.1 months recorded at the end of October 2023 and above the long-run average of 3.6 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.
Information obtained from the Kingston and Area Real Estate Association (karea.ca)
If you are considering buying or selling in Kingston and would like more information or have any questions, feel free to reach out by phone, text or email. I have been working as a Realtor in Kingston for over 8 years now and work under the Sutton Group Masters Realty Inc., Brokerage. I especially like working with first-time buyers & sellers and clients interested in buying or selling condominiums. I was born and raised in Kingston and know the city and local real estate market very well. If you are considering a move in 2025 please reach out to me by phone or email and I will answer any real estate questions you may have. I look forward to hearing from you.
Kim Purcell - Kingston Real Estate Agent
Sutton Group Masters Realty Inc., Brokerage
1650 Bath Road
Kingston, ON K7M 4X6
613-985-9371
kpurcell@sutton.com