In July, things re-opened and folks finally got a chance to take vacation and visit friends and family. Sales activity in the Kingston real estate market slowed down for the first time in over a year.
Compared to July 2020, new listings and sold listings dropped by just over 27%. However, last year was an anomaly due to increased pandemic activity. Historically, the local market slows down in July and August as folks turn their attention to summer fun.
The good news for sellers is that average prices have continued to increase. The average price of a home sold in July was $567,707 – a 25.5% increase over July 2020. Low interest rates, extremely low inventory (1.1 months supply), and high buyer demand continue to drive up market values.
The good news for some lucky buyers is that there was less competition in July. Buyers who have been searching for months were finally able to purchase a home.
August is tracking the same as July – noticeably slower than last year. Everyone is gearing up for a busy September and October.
Enjoy these last days of summer!
Looking for more information? Check out this comprehensive local market report.