T
he number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 129 units in December 2024. This was a substantial gain of 31.6% from December 2023.
Home sales were 7.2% below the five-year average and 1.5% above the 10-year average for the month of December.
On an annual basis, home sales totaled 2,726 units over the course of 2024. This was a gain of 10.2% from 2023.
“Sales activity in 2024 came in at the highest levels in three years, while activity in December was back on par with typical levels,” said Erin Finn, President of the Kingston and Area Real Estate Association. “Sales in 2024 were bolstered by strong support in new listings, offering returning buyers more choice than they had previously faced. Although our market remains on the softer side of balanced territory, momentum continues to build on the demand side. Gradually unwinding interest rates and new mortgage rule changes rolled out in December will likely boost this even further in the New Year, so we’re staying tuned for how the market shapes up between now and the spring.”
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 $574,500 in December 2024, an increase of 5.8% compared to December 2023.
The benchmark price for single-family homes was $594,000, a moderate gain of 7.2% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $511,800, falling by 2.1% compared to a year earlier, while the benchmark apartment price was $414,600, a modest decline of 3.7% from year-ago levels.
The average price of homes sold in December 2024 was $606,024, up by 12.8% from December 2023.
The more comprehensive annual average price was $610,292, unchanged from all of 2023.
The dollar value of all home sales in December 2024 was $78.2 million, a jump of 48.5% from the same month in 2023.
The number of new listings saw a substantial gain of 39.1% from December 2023. There were 210 new residential listings in December 2024. This was the largest number of new listings added in the month of December in more than 25 years.
New listings were 27.6% above the five-year average and 49% above the 10-year average for the month of December.
Active residential listings numbered 668 units on the market at the end of December, a modest gain of 2.8% from the end of December 2023. Active listings haven’t been this high in the month of December in a decade.
Active listings were 61.3% above the five-year average and 62.8% above the 10-year average for the month of December.
Months of inventory numbered 5.2 at the end of December 2024, down from the 6.6 months recorded at the end of December 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