Welcome to your monthly real estate market update for Kingston and Area for February 2023.
Last month, we discussed how we were seeing a return to a normal market, and February has proven that true. Historically, the spring market is the busiest, usually starting mid to late February.
This year, we saw a 12.6% increase in homes listed compared to January and a whopping 229% increase over last February. It is excellent news for buyers who are looking for more options in the market.
You may have seen recent headlines about a national 20% drop in real estate values. It’s important to understand that that comparison is to that high point in the market.
Last February and March, in Kingston, an area the average selling prices dropped 14.8% since that high point. However, the average selling price has been stable at around 600,000 since last July.
On February 2022, the average selling price was 708,000 compared to 603,000 this year. Interesting. We’re keeping an eye on waterfront home sales. The average prices are in line with the market dropping about 14.2% yearly.
Interestingly, the number of waterfront homes listed has jumped from 31 last year to 83 this year. Whether due to economic pressures or boomers selling their second homes, now is an excellent time to start thinking about buying that waterfront property.
New construction in Kingston and the area has increased, especially in the suburbs. Many developers are building new single-family homes, townhouses, and condos to meet the growing demand for housing.
It could mean more options for buyers looking for newly built homes with modern features and energy-efficient designs. We have 2.2 months of inventory with 527 homes listed versus 160 last year.
Technically, that’s still a seller’s market, and February saw our return of multiple offers with 30 homes selling over Ask in price. On average, homes are selling for 97.7% of the Ask Price.
So now, let’s break down the market for different types of homes.
Single Family Homes accounted for 80% of the local real estate market with an average sale price of 634,000 compared to 732,000 last year.
The days on the market are 20 days, which is still a reasonably brisk market considering that many offers have conditional periods, and often those are ten days.
Semi-detached and townhomes had an average selling price of 561,000 compared to 7 87 last year. During the market’s peak, these were the homes that were selling as fast as they could be listed. On February 2023, 23 of those homes sold in an average of 16 days.
Kingston market condos had the lowest price volatility over the past few years, with an average sale price of 448,000 this year compared to 469 last year. The number of condos sold on February 2023 was 12 versus 14, so it’s a tiny part of our market but an exciting way to get into the housing market overall.
The Kingston area real estate market is returning to a more stable and balanced market. We’re still in a seller’s market, but buyers are starting to see more options. As always, if you’re considering buying or selling a property, working with a professional real estate agent who can provide you with the most up-to-date information and help you navigate the market is essential.
We’ll see you next month for another update.
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