The Kingston real estate market has seen notable shifts over the past few months, with varying trends in new listings, homes for sale, average sold prices, and overall market activity. Here’s a month-by-month breakdown of the key changes and what they mean for both buyers and sellers.
March 2024: A Strong Start to the Spring Market
- New Listings: 281 (+11.1% YoY)
- Homes for Sale: 368 (+24.3% YoY)
- Average Sold Price: $642,163 (+9.4% YoY)
- Homes Sold: 119 (-22.7% YoY)
- Monthly Supply: 3.0 months (+36.4% YoY)
Analysis: March kicked off the spring market with a significant increase in new listings and homes for sale, signaling seller confidence. However, the substantial drop in homes sold suggests a more cautious buyer market, possibly influenced by rising prices. The monthly supply increase indicates a move toward a more balanced market, but the market is still leaning slightly in favor of sellers.
April 2024: Inventory Surge Amid Moderate Price Growth
- New Listings: 381 (+39.1% YoY)
- Homes for Sale: 440 (+61.2% YoY)
- Average Sold Price: $667,945 (+2.6% YoY)
- Homes Sold: 200 (+8.1% YoY)
- Monthly Supply: 3.5 months (+75% YoY)
Analysis: April saw a dramatic surge in inventory, with homes for sale jumping by over 60%. Despite this influx, the average sold price increased only moderately, suggesting that the market is absorbing the new listings without significant downward pressure on prices. The increase in homes sold indicates healthy buyer activity, likely driven by more choices in the market.
May 2024: Continued Growth with Stabilizing Prices
- New Listings: 425 (+9.4% YoY)
- Homes for Sale: 511 (+48.5% YoY)
- Average Sold Price: $644,528 (+2% YoY)
- Homes Sold: 216 (-7.7% YoY)
- Monthly Supply: 4.1 months (+57.7% YoY)
Analysis: May continued the trend of rising inventory, but the rate of new listings growth slowed. The average sold price remained relatively stable, suggesting that the market is finding equilibrium. The slight decrease in homes sold could reflect a cooling market, as buyers take more time to make decisions in a more competitive environment. The monthly supply now exceeds four months, further indicating a shift towards a more balanced market.
June 2024: Market Balancing as Prices Begin to Level
- New Listings: 306 (-2.9% YoY)
- Homes for Sale: 467 (+23.2% YoY)
- Average Sold Price: $656,645 (-1.5% YoY)
- Homes Sold: 193 (+22.2% YoY)
- Monthly Supply: 3.7 months (+27.6% YoY)
Analysis: June marked a turning point with a slight decrease in new listings and a small drop in average sold prices. This suggests that sellers are adjusting expectations as the market balances out. The increase in homes sold, despite fewer new listings, indicates that buyers are still actively purchasing, likely motivated by the slight dip in prices. The monthly supply remains healthy, supporting a balanced market dynamic.
July 2024: Price Correction and Steady Buyer Activity
- New Listings: 303 (+24.2% YoY)
- Homes for Sale: 449 (+17.5% YoY)
- Average Sold Price: $590,000 (-1.7% YoY)
- Homes Sold: 156 (+22.8% YoY)
- Monthly Supply: 3.5 months (+7% YoY)
Analysis: July saw a continuation of the price correction trend, with the average sold price declining slightly for the second consecutive month. Despite this, buyer activity remained strong, with a significant increase in homes sold. The steady inventory levels and healthy monthly supply indicate that the market is stabilizing, offering opportunities for both buyers and sellers. Sellers may need to be more competitive on pricing as the market shifts away from the extreme seller’s market seen earlier in the year.
Overall Market Insights
The Kingston real estate market from March to July 2024 has been characterized by an increase in inventory and a gradual balancing of supply and demand. While prices surged in the early part of the spring market, they have begun to stabilize, with some corrections in June and July. The market is transitioning from a seller-dominated environment to one where buyers have more leverage, especially as the monthly supply continues to rise.
For Sellers: Highlight the quality of your listings and price strategically to stand out in a growing market. Consider staging and minor renovations to make your property more appealing.
For Buyers: Take advantage of the increased inventory to explore more options and negotiate better deals. Keep an eye on the price trends as the market continues to stabilize.
For Investors: The stabilizing market and growing inventory could signal a good time to invest, especially in properties with strong long-term potential.
If you have any questions or need further insights, feel free to reach out to the Gazeley Real Estate Group. We’re here to help you navigate the market effectively!
Warm regards,
Jay Gazeley
Gazeley Real Estate Group | eXp Realty, Brokerage
Phone: 613.561.4653
Email: jay.gazeley@exprealty.com
Website: www.gazeleyrealestategroup.ca
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On behalf of the entire team:
Sean Gazeley
Phone: 613.888.9267
Email: sean.gazeley@exprealty.com
Turner Gazeley
Phone: 613.876.5406
Email: turner.gazeley@exprealty.com