T
he number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 206 units in September 2024. This was a sizable gain of 17.7% from September 2023.
Kingston home sales were 19.3% below the five-year average and 24.7% below the 10-year average for the month of September.
On a year-to-date basis, home sales totaled 2,244 units over the first nine months of the year. This increased by 9.8% from the same period in 2023.
“Our local Kingston market continues on its gradual pace of recovery, posting the fourth consecutive year-over-year gain in sales activity in September,” said Erin Finn, President of the Kingston and Area Real Estate Association. “New listings are still historically elevated, although overall supply levels seem to have topped out. This would suggest that some of the churn in new listings is the result of sellers re-listing their properties with a price adjustment. We anticipate a dynamic pricing environment over the next several months as interest rates continue to fall and buyers re-evaluate their financial positions on what they can afford or how much they are willing to offer.”
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 $555,500 in September 2024, a slight gain of 0.7% compared to September 2023.
The benchmark price for single-family homes in Kingston was $569,800, increasing by 1.4% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $525,700, a modest decline of 1.1% compared to a year earlier, while the benchmark apartment price was $420,200, down by 6.9% from year-ago levels.
The average price of homes sold in Kingston in September 2024 was $594,041, a modest gain of 3.6% from September 2023.
The more comprehensive year-to-date average price was $618,850, unchanged from the first nine months of 2023.
The dollar value of all home sales in September 2024 was $122.4 million, an increase of 22% from the same month in 2023.
The number of new listings in Kingston saw a moderate gain of 4.7% from September 2023. There were 622 new residential listings in September 2024. This was the largest number of new listings added in the month of September in more than five years.
New listings were 17.1% above the five-year average and 20.1% above the 10-year average for the month of September.
Active residential listings numbered 1,152 units on the market at the end of September, increasing by 22% from the end of September 2023. Active listings haven’t been this high in the month of September in more than five years.
Active listings were 57.2% above the five-year average and 16.2% above the 10-year average for the month of September.
Months of inventory numbered 5.6 at the end of September 2024, up from the 5.4 months recorded at the end of September 2023 and above the long-run average of 3.8 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 2024 or 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