MARKET WATCH: Kingston & Area Real Estate – November 2023
Introduction:
Let’s take a look at how things are shaping up in the Kingston & Area Real Estate Market as November 2023 comes to an end. Whether you’re thinking of buying or selling, we’ve got the stats and knowledge to keep you up to date on what’s been happening in the market.
Overview:
Once again, this month (December) the Bank of Canada (BOC) held the benchmark interest rate steady at 5% for the third consecutive decision. This decision seems to reflect that the BOC is confident that the interest rate increases have
slayed inflation. Let’s hope! With the successful fight against inflation perhaps Behind us that means we might even see a rate reduction in the coming months. If we do, any reduction should help many buyers with financing.
On the sales front, our local market is following the general cyclical pattern of slowing sales activity during the tail end of fall. This typically continues to start the year and then sales should pick up again. Year over year sale prices are lower by 6.8% but compared to the last few months sale prices have stabilized.
What’s ahead in 2024?
Most analysts are suggesting home prices will rise in 2024 – some suggesting by
over 5% and more conservative estimates being around 1%. If the interest rate is
lowered this will spur on demand and with more demand prices typically rise.
Right now, if you are a buyer, it really is a good opportunity to buy. There is less competition, prices are lower and there are lots of homes on the market to choose from. Investors are seeing this as an opportunity to add to their portfolio. If you are thinking about buying, give us a call to learn more about the market and if you
need a mortgage agent just let us know as there are several agents that can
help you pick the right mortgage instrument for your needs.
For sellers’ patience could be the buzzword. If your home is listed, make sure that your home is attractive to potential buyers. From general home maintenance to overall presentation, you need to get this right as buyers are comparing. Houses that are less welcoming will get fewer offers and likely lower offers. It’s important to understand the current market and understand your goals to get the desired
results.
Read on for a deeper dive:
Building Connections: November 2023 vs. November 2022
- New Listings: November 2023 saw a 5.6% increase in new listings compared to November 2022. This signals a continued trend of more homes entering the market.
- Active Listings: A notable 31.2% rise in active listings from November 2022 provides buyers with more options.
- Supply of Homes: A 60.9% increase in the supply of homes compared to the same month last year creates a favourable environment for potential buyers.
- Average Price: While there’s a 6.8% decline in average prices compared to November 2022, prices have stablilized over the last few months. This could be advantageous for budget-conscious buyers.
- Number of Sales: Despite a 7.4% decrease in the number of sales compared to November 2022, the market maintains a healthy level of activity.
Month Over Month, Connecting the Threads:
November 2023 to October 2023
- New Listings: November witnessed a slight dip, recording 378 new listings versus 485. While a decrease, this figure underscores continued activity in the market.
- Active Listings: With 778 active listings, November maintains a healthy inventory, providing an ample selection for potential buyers.
- Supply of Homes: The supply eased slightly to 3.7 months, indicating a market still within a balanced range for both buyers and sellers.
- Average Price: The average home price in November stood at $584,172, showcasing stability with only a modest change from the preceding month.
- Number of Sales: November recorded 163 sales, signifying sustained market activity as the year approaches its close.
Kingston & Area Real Estate in Flux:
As we connect the threads between October and November, the Kingston & Area Real Estate Market remains in a state of flux, offering opportunities for both buyers and sellers. The slight dip in new listings is counterbalanced by a substantial inventory, providing continued options for prospective homeowners. The easing supply of homes hints at a market in equilibrium, while the stability in average prices indicates a balanced playing field.
Connecting with Gazeley Real Estate Group:
Need help navigating the real estate landscape? Contact the Gazeley Real Estate Group to guide you. Check out the latest listings on our website here.
Stay informed, explore our insights, and reach out to the Gazeley Real Estate Group for expert advice.