YOUR KINGSTON REAL ESTATE MARKET
The number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 248 units in December 2020. This was a significant increase of 55% from December 2019 and was a new sales record for the month of December.
On an annual basis, home sales totaled a record 4,118 units over the course of 2020, up 9% from the same period in 2019.
"2020 was a record setting year for MLS® home sales in the Kingston Area. I don’t think anyone would have agreed back in the spring that this year would turn out to be best year we have ever recorded, yet sales surpassed the previous record set back in 2017 by a comfortable margin." said Mat Clancy, President of the Kingston and Area Real Estate Association. "New listings once again could not keep pace with the number of sales in December. The continued strength of demand combined with dwindling active listings is still the headline story moving into 2021. These factors have driven upwards price momentum and lifted average price.”
The average price of homes sold in December 2020 was $504,712, advancing 18.8% from December 2019.
The more comprehensive annual average price was $463,993, rising 17.4% from all of 2019.
The dollar value of all home sales in December 2020 was $125.2 million, jumping 84.1% from the same month in 2019. This was also a new record for the month of December.
There were 214 new residential listings in December 2020, increasing considerably by 32.1% from the end of December 2019.
Active residential listings numbered 301 units at the end of December. This was a significant decline of 49.6% from the end of December 2019. Active listings haven't been this low in more than three decades.
Months of inventory numbered 1.2 at the end of December 2020, down from the 3.7 months recorded at the end of December 2019 and below the long-run average of 5.9 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.