YOUR KINGSTON REAL ESTATE MARKET
Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association totaled 418 units in June 2019. This was little changed from June 2018 (-0.7% or just three sales) and stood close to the 10-year average for the month as well.
On a year-to-date basis, home sales totalled 2,011 units over the first six months of the year, up 2.5% from the same period in 2018.
“Home sales are holding close to average levels with the number of properties out there for sale now at a 30-year low,” said Sylvie DesHaies, President of the Kingston and Area Real Estate Association. “New listings came in a bit stronger in June, which bodes well for more sales in July; however, it’s going to take a sizeable and sustained increase in supply to satisfy all of the pent-up demand in the Kingston housing market and start to calm the pace of price growth in the region.”
The average price of homes sold in June 2019 was $405,719, jumping 15.9% from June 2018.
The more comprehensive year-to-date average price was $392,584, up 8.9% from the first six months of 2018.
There were 624 new residential listings in June 2019. While this was down 4.4% on a year-over-year basis, this was nonetheless one of the stronger monthly showings for new supply in the last couple of years.
Active residential listings numbered 1,089 units at the end of June. This was a decrease of 12% from the end of June 2018 and was the lowest level of inventory at this time of the year since 1989.
Months of inventory numbered just 2.6 at the end of June 2019, down from 2.9 months recorded at the end of June 2018 and well below the long-run average of 6.1 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 2019 was $169.6 million, rising 15.1% from the same month in 2018. This was a new record for the month of June.
Sales of all property types numbered 450 units in June 2019, up 1.6% (seven sales) from June 2018. The total value of all properties sold was $181.1 million, rising 20.2% from June 2018.