Kingston - Home sales in the greater Kingston area started strongly in Q1, ending March 31, with overall sales volume up 11.2% on a total of 644 residential units sold. The Kingston Area Real Estate Association (KAREA) is reporting that the average price for a Kingston home (all types) increased from $287,290 in Q1 2015 to $299,086 in 2016, a 4.1% increase.
Breaking down 2016 sales into price segments reveals very strong performances in the "step-up" and luxury home markets while the entry market is tracking in positive territory as well:
Segment Growth Volume
$200,000 ~ $259,900 +1.8% 161 units
$260,000 ~ $349,999 +6.8% 203 units
$350,000 ~ $399,999 +20.7% 64 units
$400,000 ~ $499,999 +68.3% 59 units
$500,000 ~ $749,999 +17.1% 41 units
$750,000 + +16.6% 14 units
On a geographic basis, KAREA reports sales on the basis of districts. Within the City of Kingston, districts are comprised of several neighbourhoods while in rural locations they're larger geographical areas. Like any market, demand around Kingston varies by location and a way to measure the demand for locations is to compare sales/listing ratios for districts (number of sales to listings for a period of time). The top-5 districts in-terms of demand in Q1 are as follows:
District Sales/Listing Ratio
West of Sir. John A. Blvd (Strathcona Pk, Balsam Grove, Grenville Pk) 61%
South of Taylor-Kidd Blvd (Bayridge/Lawrence Park/Elmwood) 54%
East of Gardiners Rd (Waterloo Village, Arbour Ridge, Meadowbrook) 52%
City Central East (Alwington/Queen's/Sydenham Ward) 50%
City Central West (Portsmouth/Calvin Pk/Polson Pk) 49%
The strong demand thus far in 2016 is likely a result of continued market momentum from 2015, competitiveness and affordability of mortgages, and warm winter weather which has an uplifting effect on the mood of consumers. And this upbeat mood was reflected in strong traffic at open house events and click-through views of on-line listings. All of which point to a very promising year ahead for home sales in the Kingston market.
On the supply side, total residential listings in Q1 decreased 6.2% from Q1 in 2015, with a total of 1852 lisitngs. A trend down on inventory was expected for 2016 given the high supply in 2015. As well, it's expected inventory will grow and peak in Q2 following typical seasonality of the market. And the balanced position of the market is expected to continue throughout 2016.
Please don't hesitate with any questions about the market or if you'd like specific details about sales in your neighbourhood. And it's my pleasure to prepare a White Paper Valuation for your home if you'd like to know it's value in today's market. Always complimentary. Enjoy the Spring!!