The Kingston, Ontario real estate market continues to evolve, and September brought some key changes. Here’s what it all means for buyers, sellers, and investors:
- New Listings Down, But What Does It Mean?
September saw only 326 new listings, down 8.7% year-over-year. With fewer homes hitting the market, buyers may face tighter competition, especially as interest rates potentially drop and more buyers re-enter the market. - Inventory Rising: More Options or More Competition?
The number of homes for sale rose by 6.5%, with 476 homes available. For buyers, this offers more choices, but as interest rates decrease, competition is likely to ramp up, pushing prices higher. - Stable Prices: Will They Hold?
The average sold price remained steady at $559,756, a small 0.2% increase. While prices are stable for now, lower interest rates could drive more buyers into the market, putting upward pressure on prices. - Sales Increasing: Why Now?
Home sales jumped by 9.1%, with 108 homes sold. Despite higher borrowing costs, demand remains strong in Kingston, suggesting buyer confidence as interest rate cuts loom. - Balanced Market, But For How Long?
With 3.7 months of supply, Kingston remains in a balanced market. However, if more buyers enter the market due to lower rates, we may see conditions shift quickly toward a seller’s market.
Why Smart Buyers Are Making Moves Now
Interest rates are expected to drop soon, but this will likely bring more buyers into the market, increasing competition and driving prices up. Buyers who act now can benefit from the increased inventory and stable prices before the market heats up.
Get Your Free Kingston Market Evaluation
Want to know how these trends impact your home’s value? Contact us today for a free market evaluation and expert advice on how to make the most of Kingston’s evolving real estate market.
Warm regards,
Jay Gazeley
Gazeley Real Estate Group, eXp Realty, Brokerage
Phone: 613.561.4653 Email: jay.gazeley@exprealty.com
Website: www.gazeleyrealestategroup.ca
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