As we move into November, the Kingston real estate market continues to reflect the changing dynamics of supply, demand, and price trends. October brought some noteworthy shifts, offering both opportunities and challenges for those considering buying, selling, or investing in Kingston. Here’s a closer look at the data and what it could mean for you.
New Listings Drop by 19.1%
In October, Kingston saw 224 new listings, marking a significant 19.1% decrease from the 277 new listings in October 2023. This drop in new inventory means buyers may face tighter competition, especially as interest rates are starting to decrease, potentially drawing more buyers into the market. For sellers, this reduced inventory creates a favourable environment with less competition, making it an ideal time to consider listing.
Slight Rise in Overall Homes for Sale
Despite fewer new listings, the total number of homes for sale edged up by 1.4% year-over-year, from 428 in October 2023 to 434 in October 2024. While this increase provides some choice for buyers, the overall inventory remains limited, emphasizing the need for quick decision-making, especially if demand continues to rise due to favourable interest rates.
Average Sold Price Jumps by 10.5%
The average sold price in Kingston saw a strong increase, climbing to $661,998—a 10.5% rise from $599,125 last October. This jump indicates steady demand and a competitive market environment, where buyers are willing to meet higher price points. For sellers, this trend suggests a prime opportunity to achieve maximum value for their properties, while buyers may want to act now before prices climb even higher.
Homes Sold Increase by 13.8%
In October, 124 homes were sold, reflecting a 13.8% increase compared to 109 homes sold in the same month last year. This uptick in sales signals strong buyer confidence, likely influenced by recent interest rate cuts. If buyer activity continues to grow, it could further drive up competition and prices, making this an opportune time for both buyers and sellers to make their move.
Monthly Supply Tightens
The monthly supply of homes dropped slightly to 3.3 months, a 2.9% decrease from 3.4 months in October 2023. With demand outpacing supply, the Kingston market is leaning toward more competitive conditions, which can favour sellers. For buyers, this means that properties may move quickly, so having financing pre-approval and being ready to act can be advantageous.
What This Means for You:
- For Buyers: With fewer listings and increased demand, acting sooner rather than later may be beneficial. The combination of limited inventory and rising prices suggests that delaying could lead to higher costs and more competition. Working with Jay, Sean or Turner will help you stay on top of new listings and make informed decisions.
- For Sellers: Yes, we are moving into generally a slower season however now may be an ideal time to list your property. With fewer listings on the market and buyers eager to lock in their homes before prices rise further, sellers have a strong advantage in the current market conditions. Partnering with a knowledgeable agent can help you navigate offers and negotiate the best terms.
- For Investors: Kingston’s real estate market shows resilience and growth potential, making it an attractive choice for investment. With rising prices and steady buyer demand, investing now could yield favourable returns, particularly as more buyers enter the market due to interest rate cuts.
Want to Know More?
Our team is here to provide you with the latest insights and help you make the most of the Kingston market. If you’d like to know how these trends could impact your buying or selling journey, reach out for a free consultation or market evaluation.
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