The housing market continues to boom in the Kingston area, regardless of the growing weariness surrounding COVID-19 and uncertainty in the future.
The market continues to experience strong demand with not enough supply, which has resulted in many Agreements of Purchase and Sale signed with “no conditions.” This could mean great news for those hoping to sell their properties quickly – however, it can put buyers in a bit of a bind if financing and other typical conditions fall through.
Here’s a look at the record-breaking Kingston and area real estate numbers from October:
- 421 homes/properties were sold in October, a nearly 37% increase from last year.
- The average property price in Kingston during the month of October was $482,294, which is up 24.5% since this time last year.
- There were 546 homes on the market as of the end of October, 42.6% less than October 2019.
- The average days on the market was only 26 days, a decrease of 8% since last year.
- Since September, the number of houses available on the market also continues to drop, both due to an even higher demand for houses and a typical lower selling marketing in the winter months.
More financial institutions and private lenders are extending lower interest rates, which has encouraged some aspiring home buyers to look at homes and make offers that they never would have before. This, plus the increasingly attractive idea of moving from larger cities to smaller, rural areas where remote work can still be done, have been likely contributors to these higher property prices.
Now is the time to list or buy a home. With inventory continuing to drop, it’s unknown how the market will look in the spring. Interested in buying or selling a home amid the current pandemic? Don’t leave it up to chance. Reach out to a member of our team today. info@reri.ca.