he number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 131 units in January 2024. This was a substantial gain of 32.3% from January 2023.
Home sales were 13.1% below the five-year average and 13% below the 10-year average for the month of January.
“Sales activity has displayed very positive signs of a gradual recovery over the past several months and that showed no signs of stopping as we crossed over into a new year,” said Erin Finn, President of the Kingston and Area Real Estate Association. “We’re finally seeing buyers come off the sidelines, albeit at a slow and steady pace. The market has undergone a rebalancing away from buyer’s territory into balanced territory, and overall inventories appear to be topping out as demand plays catch-up with supply levels.”
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 $530,600 in January 2024, essentially unchanged, down just 0.5% compared to January 2023.
The benchmark price for single-family homes was $541,500, a slight reduction of 0.4% on a year-over-year basis in January. By comparison, the benchmark price for townhouse/row units was $509,800, falling by 2.5% compared to a year earlier, while the benchmark apartment price was $423,000, a modest gain of 1.7% from year-ago levels.
The average price of homes sold in January 2024 was $564,404, down by 6.3% from January 2023.
The dollar value of all home sales in January 2024 was $73.9 million, a sizable gain of 24% from the same month in 2023.
The number of new listings was up by 23.9% from January 2023. There were 347 new residential listings in January 2024.
New listings were 22.3% above the five-year average and 7.4% below the 10-year average for the month of January.
Active residential listings numbered 587 units on the market at the end of January, a gain of 26.5% from the end of January 2023. Active listings haven’t been this high in the month of January in more than five years.
Active listings were 52.6% above the five-year average and 15.5% below the 10-year average for the month of January.
Months of inventory numbered 4.5 at the end of January 2024, down from the 4.7 months recorded at the end of January 2023 and below the long-run average of 4.8 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 7 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, 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