he number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 220 units in August 2023. This was a moderate decrease of 5.2% (12 sales) from August 2022.
Home sales were 23.6% below the five-year average and 26.2% below the 10-year average for the month of August.
On a year-to-date basis, home sales totaled 1,858 units over the first eight months of the year. This was a substantial decline of 18.1% from the same period in 2022.
“Sales activity in our region has been particularly impacted by higher interest rates, with demand steadily winding down over the past year and a half,” said Stacey MacDonald, President of the Kingston and Area Real Estate Association. “New listings have been holding up fairly well, so there are obviously sellers out there who are looking to move house but are unable to find a willing buyer and as a result overall levels of inventory have risen to where they were back at the beginning of 2020. The market is on the verge of tipping into buyer’s territory, so perhaps the recent softening will attract some sidelined buyers who have been looking for a sign whether now is a good time to buy.”
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 $561,600 in August 2023, unchanged compared to August 2022.
The benchmark price for single-family homes was $575,500, essentially unchanged, up just 0.9% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $517,100, a moderate decrease of 7.9% compared to a year earlier, while the benchmark apartment price was $444,200, falling by 2.6% from year-ago levels.
The average price of homes sold in August 2023 was $613,964, a gain of 4.1% from August 2022.
The more comprehensive year-to-date average price was $619,686, down by 7.7% from the first eight months of 2022.
The dollar value of all home sales in August 2023 was $135.1 million, a minor decrease of 1.3% from the same month in 2022.
The number of new listings saw a sizable gain of 14.5% from August 2022. There were 475 new residential listings in August 2023.
New listings were 9.8% above the five-year average and 7.9% below the 10-year average for the month of August.
Active residential listings numbered 858 units on the market at the end of August, a substantial gain of 36.8% from the end of August 2022. Active listings haven’t been this high in the month of August in five years.
Active listings were 34.7% above the five-year average and 23.6% below the 10-year average for the month of August.
Months of inventory numbered 3.9 at the end of August 2023, up from the 2.7 months recorded at the end of August 2022 and on par with the long-run average of 3.9 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 6 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 2023, 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