YOUR KINGSTON REAL ESTATE MARKET
Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association totaled 308 units in October 2019. This was up 2% (six sales) from October 2018 and marked the second-best October on record after 2016. On a year-to-date basis, home sales totalled 3,354 units over the first 10 months of the year, also up 2%from the same period in 2018
“Home sales in October 2019 recorded their second-best October sales figure ever after 2016, and only missed that by four transactions, so demand remains historically strong,” said Sylvie DesHaies, President of the Kingston and Area Real Estate Association.
“The issue is that overall listings are at their lowest level for this time of the year since 1989. That continues to generate considerable competition among buyers, which has pushed the average sale price up into the $400,000 range. Sales would arguably be even higher if more properties were available for sale.”
The average price of homes sold in October 2019 was $387,263, rising 8% from October 2018.
The more comprehensive year-to-date average price was $391,023, up a similar 7.6% from the first 10 months of 2018.
There were 455 new residential listings in October 2019, edging down 2.2% (10 listings) on a year-over-year basis. Active residential listings numbered just 948 units at the end of October, down 7.1%from the end of October 2018. The last time listings were this low at this time of the year was three decades ago.
Months of inventory numbered just 3.1 at the end of October 2019, down from 3.4 months recorded at the end of October 2018 and a record low 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 October 2019 was $119.3 million, rising 10.1% from the same month in 2018. This was a new record for the month of October by a margin of more than $10 million.
Sales of all property types numbered 341 units in October 2019, up 2.1% (seven sales) from October 2018. The total value of all properties sold was $127.2 million, rising 10.3% from October 2018.