The Kingston real estate market is heating up, in large part because a significant 25 per cent drop in listings has tightened supply.
MLS sales are up by nine per cent, but this doesn't include the many direct-to-public sales that builders have attracted, particularly in the new northwest neighborhoods such as Woodhaven, where many new-home offerings are sold out.
This demand has pushed the percentage of listings sold to 60%. The definition of a sellers' market is 55% or greater. There is new energy in the Kingston real estate market.
In the past several years, the Kingston market has hung around sleepy balanced territory of 40 to 45% of listings sold. The low 40% end was three years ago, when the market was the opposite, with a glut of listings.
But today more homes are selling in less time, and buyers are quick to react to any new listing. Agents are complaining there aren't enough properties to show buyers. The average price was up five per cent at the end of February.
Take note anyone who is sitting on the fence about selling. Timing can be a significant factor in real estate, and at the moment it's on the seller's side. Fewer listings mean less competition from other properties.
Listings are most notably down in the central/downtown, and in east Kingston neighborhoods off Highway 15, as well as the tightening of supply in new homes in the city's northwest, with local builders successfully marketing to Toronto buyers.
If you have property to sell, you will always need to price fairly for the market, it's not quite multiple-offer frenzy in Kingston yet, although a buyer might pay another 1-2 per cent more in the current market.
The all-important valuation process, properly done, is about 90 per cent math, and 10 per cent educated estimating.
If you have property to sell, let me show you - through clear facts and figures - not guesswork - the market assessment of your property.
I educate sellers to be in control of market forces, and not battered by them!