market statistics

JUNE 2024

T

he number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 354 units in June 2024. This was a gain of 25.5% from June 2023.

Home sales were 7.8% below the five-year average and 12.7% below the 10-year average for the month of June.

On a year-to-date basis, home sales totaled 1,526 units over the first six months of the year. This was up by 7.6% from the same period in 2023.

“June saw an unexpectedly strong resurgence in homebuying activity, raising sales levels to the best showing for this month in three years,” said Erin Finn, President of the Kingston and Area Real Estate Association. “Demand in our housing market had already been mounting a slow and steady recovery but June’s spike came as a pleasant surprise. We don’t anticipate such a sharp upswing in the months ahead but we’ll be keeping an eye on what buyers are doing over the remainder of the summer to see if this prompts other would-be home seekers to come off the sidelines.”

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 $565,700 in June 2024, edging down 0.1% compared to June 2023.

The benchmark price for single-family homes was $580,000, unchanged on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $533,200, nearly unchanged, down only 0.1% compared to a year earlier, while the benchmark apartment price was $431,300, essentially unchanged, down just 0.7% from year-ago levels.

The average price of homes sold in June 2024 was $644,766, essentially unchanged, up just 0.1% from June 2023.

The more comprehensive year-to-date average price was $627,701, a slight gain of 0.3% from the first six months of 2023.

The dollar value of all home sales in June 2024 was $228.2 million, increasing by 25.7% from the same month in 2023.

The number of new listings saw a gain of 9.5% from June 2023. There were 655 new residential listings in June 2024.

New listings were 4.8% above the five-year average and 4.4% above the 10-year average for the month of June.

Active residential listings numbered 1,176 units on the market at the end of June, up sharply by 44.6% from the end of June 2023. Active listings haven’t been this high in the month of June in more than five years.

Active listings were 58.9% above the five-year average and 7.8% above the 10-year average for the month of June.

Months of inventory numbered 3.3 at the end of June 2024, up from the 2.9 months recorded at the end of June 2023 and above the long-run average of 2.7 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, 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