YOUR KINGSTON REAL ESTATE MARKET
Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association totaled 426 units in September 2020. This was a large increase of 33.5% from September 2019. This was also a new sales record for the month of September.
On a year-to-date basis, home sales totalled 3,092 units over the first nine months of the year. This edged up 1.5% from the same period in 2019.
“Kingston real estate market activity continued to set records in September,” said Dave Pinnell Jr., President of the Kingston and Area Real Estate Association. “Both home sales and new listings outperformed expectations this past month. The ongoing story for our region is the combination of better than expected demand for this time of year and low overall inventory continuing to contribute to upward price pressure. Average price in the month of September set a new all time record for the fourth consecutive month.”
The average price of homes sold in September 2020 was a record $491,156, rising 23% from September 2019.
The more comprehensive year-to-date average price was $452,597, up 15.6% from the first nine months of 2019.
There were 579 new residential listings in September 2020. was an increase of 12.2% from the same period last year.
Active residential listings numbered 643 units at the end of September. This was a large decline of 37.5% from the end of September 2019. Overall supply is near the lowest level on record.
Months of inventory numbered 1.5 at the end of September 2020, down from 3.2 months recorded at the end of September 2019 and below the long-run average of 5.3 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.
The dollar value of all home sales in September 2020 was $209.2 million, a substantial increase of 64.2% from the same month in 2019. This was also a new record for the month of September.
Sales of all property types numbered 481 units in September 2020; this was a gain of 35.1% from September 2019. The total value of all properties sold was $220.5 million, climbing 64.1% September.