“How’s the market?” This is the question I hear most often. In particular, people want to know if recent events have affected the value of their property or their ability to buy a home.
Let’s look at what’s happening in the Kingston market in May, 2020.
While May still saw a decrease in year over year units sold, the market picked up to 60% of 2019 levels. In April it was at 40%.
The good news is that average home prices have increased 7.5% over 2019. Median prices however have increased 12.0%.
Even with longer condition periods, average days on market has only increased by 1 day – this recognizes that the market is mainly focused on qualified buyers and motivated sellers.
A quick glimpse at June numbers is very encouraging as showing and sales are exceeding 2019 levels. Buyers and sellers are feeling more comfortable hitting the market.
Factors that are affecting the Kingston market include:
- Historically low interest rates
- New CMHC rules for First-Time Buyers
- Migration from the city to urban properties
- Opportunities for investors
- Unknowns related to Covid 19
I sincerely hope that our community continues to be safe and healthy. Is now the time to buy or sell a home? Honestly, it depends. Let’s chat about your goals and together we can put together a plan that meets your needs.
Check out the detailed market report for your neighbourhood below: