Your Kingston Real Estate Market
Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association totaled 288 units in March 2019. This was a decrease of 13% from March 2018.
On a year-to-date basis, home sales totalled 694 units over the first three months of the year, up 2.7% from the same period in 2018.
“With the record supply shortage in the region only worsening, along the fewest new listings in 16 years, it’s not a surprise that fewer homes traded hands in March,” said Sylvie DesHaies, President of the Kingston and Area Real Estate Association. “As we have seen in recent years, excess demand that is not able to be converted into sales because of a lack of supply will continue to spill over on to the price side.”
The average price of homes sold in March 2019 was a record $387,166, rising 11.7% from March 2018.
The more comprehensive year-to-date average price was $374,888, up 4.8% from the first three months of 2018.
There were 549 new residential listings in March 2019. This was a decrease of 15.5% on a year-over-year basis and marked the lowest March reading since 2003.
Overall supply is trending at record lows. Active residential listings numbered 881 units at the end of March, a decrease of 11.1% from the end of March 2018.
Months of inventory numbered just 3.1 at the end of March 2019, virtually unchanged from the 3 months recorded at the end of March 2018 and way below the long-run average of 6.8 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 March 2019 was $111.5 million, edging down 2.8% from the same month in 2018.
Sales of all property types numbered 311 units in March 2019, a decrease of 10.9% from March 2018. The total value of all properties sold was $118.2 million, basically flat (-0.2%) compared to March 2018.