Kingston Market Stats – December 2023:
Welcome to the Kingston Housing Market Report for December 2023. As we close the year, it’s essential to reflect on the trends that shaped the real estate landscape in Kingston and explore the opportunities they present.
Total Yearly Sales:
- 2023: 1511 units (-16%)
- 2022: 1799 units
The Kingston housing market experienced a 16% decrease in total yearly sales in 2023 compared to the previous year. This decline, while noteworthy, invites a closer examination of the market dynamics.
Sales in Q4:
- 2023: 267 (-2.9%)
- 2022: 275
In the fourth quarter of 2023, the market saw a marginal decrease of 2.9% in sales compared to the same period in 2022. This suggests a relatively stable performance during the final quarter of the year.
Single Family Homes:
- 2023: 995 units (-16.2%)
- 2022: 1188 units
Single-family homes, a significant segment of the market, experienced a 16.2% decrease in sales in 2023.
Sales in Q4:
- 2023: 177 (0%)
- 2022: 177
The fourth quarter of 2023 saw sales of single-family homes remaining consistent compared to the same period in 2022.
Towns/Semis:
- 2023: 348 units (-13.4%)
- 2022: 402 units
Sales of towns and semis decreased by 13.4% in 2023. This segment, while showing a decline, remains a significant part of the Kingston housing market.
Sales in Q4:
- 2023: 58 (-7.9%)
- 2022: 63
In the fourth quarter of 2023, towns and semis experienced a 7.9% decrease in sales compared to the same period in the previous year.
Condos:
- 2023: 157 units (-19.5%)
- 2022: 195 units
Condo sales experienced a decrease of 19.5% in 2023, signaling perhaps a shift in buyer preferences.
Sales in Q4:
- 2023: 29 (-12.1%)
- 2022: 33
In the fourth quarter of 2023, condo sales decreased by 12.1%, reflecting a continued trend of reduced demand in this segment.
Annualized Monthly Supply:
- 2023: 2.6 (+85.7%)
- 2022: 1.4
The annualized monthly supply in 2023 increased significantly by 85.7%, indicating a higher inventory relative to the demand compared to the previous year.
Conclusion:
As we conclude 2023, the Kingston housing market has shown a mix of trends, with decreases in total yearly sales and sales across various housing types. The increased annualized monthly supply is attributed to a shifting balance between supply and demand.For those considering entering or navigating the Kingston real estate market, a nuanced understanding of these trends is crucial. As always, seeking professional advice and staying informed about market dynamics will be key to making well-informed real estate decisions.
Wishing you a prosperous 2024 in your real estate endeavours!
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