YOUR KINGSTON REAL ESTATE MARKET
Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association totaled 511 units in June 2020. This was an increase of 22.2% from June 2019. This was also a new sales record for the month of June.
On a year-to-date basis, home sales totalled 1,700 units over the first six months of the year. This was a decrease of 15.5% from the same period in 2019.
“Home sales in June posted a considerable rebound and came in well above where they stood in the past three months, posting the highest June level on record, which was rather unexpected due to how the market was moving over the last few months,” said Dave Pinnell Jr., President of the Kingston and Area Real Estate Association. “While new listings have also rebounded from April’s lows it hasn’t been to the same extent as sales activity. As a result, the market has tightened further into seller’s territory and continues to fuel strong price growth. Average prices reached a new record in June, coming in above $450,000 for the first time in history.”
The average price of homes sold in June 2020 was a record $457,332, rising 12.7% from June 2019. The more comprehensive year-to-date average price was $433,541, rising 10.4% from the first six months of 2019.
There were 672 new residential listings in June 2020. This was up 7.9% on a year-over-year basis.
Active residential listings numbered 804 units at the end of June. This was down 26.1% from the end of June 2019. Overall supply is currently at its lowest level in more than three decades.
Months of inventory numbered 1.6 at the end of June 2020, down from 2.6 months recorded at the end of June 2019 but below the long-run average of 4.1 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 June 2020 was $233.7 million, a large increase of 37.8% from the same month in 2019. This was also a new record for the month of June and was also the largest dollar value of homes sold for any month in history.
Sales of all property types numbered 548 units in June 2020; this was an increase of 21.8% from June 2019. The total value of all properties sold was $240.2 million, a large increase of 32.6% from June 2019.