Welcome to our February 2024 update on Kingston’s real estate market! It’s an exciting time for both home buyers and sellers as we see some interesting changes. Our goal is to give you a clear picture of what’s happening in the market, along with some insights into where things might be heading.
Let’s dive into the details together.
What’s Happening Right Now?
Homes Coming Up for Sale:
In February, we noticed fewer new homes listed for sale compared to last year – 190 this year versus 225 last year. This means there are slightly fewer choices right off the bat, but don’t worry, there’s more to the story. The total number of homes available to buy actually increased a little bit to 290. So, while there are fewer new listings, the overall selection is getting better.
How Much are Homes Selling For?
There’s been a bit of a shift in prices too. The average selling price has come down a bit to $595,839 from last year’s $621,716. But, looking at the brighter side, prices picked up a bit from last month, showing that the market is holding strong and people are still keen on buying.
Are People Buying Homes?
Yes, they are! In fact, 104 homes were sold in February, which is a good sign of activity in the market. This shows that despite the ups and downs, people are actively buying homes, making it a lively market.
What Does the Supply Look Like?
There’s a little more breathing room now with a supply of homes lasting about 2.3 months, up from 2.0 months last year. This means buyers might have a few more options to choose from and a bit more time to make their decisions.
Looking Forward: Insights and Predictions
Interest Rates and the Economy:
The market is also influenced by interest rates and the economy. Lower interest rates can make borrowing cheaper, encouraging more people to buy homes. However, if rates go up, it might slow things down a bit. Kingston’s job market and population growth are also big factors. A strong job market and more people moving to Kingston can keep the demand for homes high.
On March 6, 2024, the Bank of Canada announced that its key interest rate would remain at five percent, where it has stayed since July. Many economists anticipate the first interest rate cut will come in July, given that the inflation rate is holding within the bank’s target range. So, for homeowners facing mortgage renewal this year it might still be beneficial to choose a shorter-term mortgage so that when rates do come down, they can take advantage of better rates. This is a great discussion to engage in with your mortgage agent.
What’s Next for 2024 and Beyond?
We’re expecting the market to find a nice balance in the coming months. Prices might not swing too wildly, and there should be a steady flow of homes to choose from. This could be great for both buyers and sellers, offering fair prices and enough options.
Conclusion
Navigating the Kingston real estate market in February 2024 is like setting off on an adventure with a good map in hand. There are plenty of opportunities for buyers to find their dream home and for sellers to get a fair price. With a bit of patience and the right information, everyone can make a move that feels just right.
We’re here to help guide you through these exciting times with a friendly and professional approach. Whether you’re looking to buy your first home or sell your property, the journey ahead is filled with promise.