Kingston Real Estate Market Updates July 2021
Tuesday Aug 10th, 2021
Compared with the second quarter of 2020, Kingston's residential sales activity increased in the second quarter of 2021. Residential property sales in the second quarter of 2021 were 1,564 units, an increase of 55.9% over the same period in 2020. This is the second highest level in any quarter on record. In the second quarter of 2021, detached home sales increased by 47.6%.
CREA Chairman Cliff Stevenson said: “Although there are still many transactions in many Canadian real estate markets, the situation has clearly calmed down in the past few months. The degree of competition between homes is different. As market listings continue to increase in the summer and fall, it is recommended to consult your local real estate agent for market information and trends in buying and selling homes at this stage of the cycle.
Below are some snapshots of the housing maket in Kingston Area in July 2021. The median sales price for all types of houses is $545,000 (+28.2%). The Median Days on the Market is 8 days (-27.3%). The Sales is 224 homes (-31.7%) and the Monthly Supply of Homes for Sale is 0.6 (-64.7%).
After the first two quarters of active sales activities, Kingston housing market continues to moderate in July. Although the median sales price continue increase by 28.2% but the sales has dropped down by 31.7%. The supply of homes still shows a sign of short supply compared to the demand. The median days on the market sllighly increase to 8 days.
Housing markets are a constant game of supply and demand. Kingston’s local market benefited from an average to high demand and a very low supply of available homes. Compared to Toronto, the affordability of buying a home in Kingsoton still attracts many people to move here.
If you have a need for buying, selling a house, or investment properties, please feel free to contact me.