YOUR KINGSTON REAL ESTATE MARKET
Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association totaled 177 units in April 2020. This was a large decline of 59.2% from April 2019.
On a year-to-date basis, home sales totalled 890 units over the first four months of the year. This was down 21% from the same period in 2019.
“Buyers and sellers both took a step back in April as society followed public health guidelines to stop the spread of the coronavirus,” said Dave Pinnell Jr., President of the Kingston and Area Real Estate Association. “Looking ahead, our REALTOR® members have the safety of their clients as their top priority and are assisting clients using innovative tools and sanitary protocols to help navigate through these challenging times.”
The average price of homes sold in April 2020 was $429,685, edging up 3.4% from April 2019.
The more comprehensive year-to-date average price was $425,618, up 9% from the first four months of 2019.
There were 313 new residential listings in April 2020. This was a large decline of 56.7% on a year-over-year basis.
Active residential listings numbered 799 units at the end of April. This was down 20.3% from the end of April 2019. Listings are currently at their lowest level in more than three decades.
Months of inventory numbered 4.5 at the end of April 2020, up from 2.3 months recorded at the end of April 2019 and below the long-run average of 4.6 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 April 2020 was $76.1 million, declining significantly by 57.8% from the same month in 2019.
Sales of all property types numbered 196 units in April 2020; this was a large decline of 58.1% from April 2019. The total value of all properties sold was $79.4 million, declining significantly by 57.3% from April 2019.