Here’s your Kingston and Area Real Estate Market Update for January 2023.
We’re generally seeing a slowing market with fewer qualified buyers available. It means that prices are moderating, and it’s taking longer to sell a home. You’ll remember that in January 2022, we were nearing the peak of a heated market as buyers were racing to get ahead of interest rate hikes.
So over the year, prices have dropped by 9.2%. However, let’s keep it in perspective and look at where prices were in January 2020, just three years before the Kingston area’s pandemic started. Looking at all types of homes, the average selling price of a home in January was 612,000. A year ago, that was 674,000. So there’s that 9.2% drop. However, in 2020, the average selling price of a home in Kingston was $405,000. So that means that we’ve seen a 51.1% increase in three years.
The number of homes listed for sale has gone up. Last year was 130. This year is 468. So supply is returning to pre-pandemic levels. However, we were already in a seller’s market in 2020, and we still only have 1.9 months of supply. So we’re still in a seller’s market. The number of homes sold in January was 102, which means that 21.8% of the homes available sold, which is lower than in the past few years.
Last year, we sold 151 homes in January, which relates to the number of days on the market. Last year, the average number of days on the market for a home was 16. This year, that’s increased to 40. So that’s the story sellers need to be ready for their homes to be on the market longer. It also underscores how important it is to present your house. Price it realistically and promote the heck out of it to attract buyers.
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