The following are the neighborhood micro-trend reports for the Kingston real estate area to the end of April. Find your areas of interest in bold.
In the east-end neighborhoods flanking Highway 15, listings in the first four months of this year were way down compared to the same period last year, and prices realized were up 4.5 per cent – a very healthy jump in 12 months. If you’re thinking of selling in the east end, do it now!
Things are not so good for sellers in the west end north of Princess. So far this year, listings have jumped by 37 per cent, following the same trend as last year. This is due in large part to the extent of residential building underway here. (Keep in mind that many of these listings are for homes not built yet). Competition is keeping prices down. Average prices in the northwest have dropped 1.5 per cent in the past 16 months.
In Westwoods, the area between Taylor Kidd and Princess, with listings down by 30 per cent over this time last year, spring has been good to sellers so far, with a 4.5 per cent jump in prices. A good time for those thinking of selling to jump in. Last year, this neighborhood had no appreciation in sales prices at all – yet the previous two years brought annual price appreciation of 5-6 per cent.
The area south of Taylor Kidd (west of Gardiners), is having a flat year so far with fewer listings, considerably fewer sales and no price appreciation. But real estate is truly cyclical. Fortunes were reversed last year. This area rose 3.5 per cent last year while Westwoods and the newer northwest pretty much tanked. But for budget-conscious buyers, south of Taylor-Kidd west of Gardiners is a great established neighborhood with average prices more than $50,000 less than Westwoods.
Prices are also on the upswing in southwest Kingston (up eight per cent), Strathcona Park (up six per cent), and Calvin Park-Polson Park-Portsmouth neighborhood (seven per cent). These increases partially reflect the buyer energy of the spring market and will settle down a few points as the summer wears on.
The Queen’s area south of Johnson is showing typical early-year investor activity with prices almost 12 per cent above last year, but with investors and wealthy out-of-town parents involved, prices in this area can be volatile. The average price for a property in this prime area is now $480,000.
For those who want a reasonably priced home right downtown, the Williamsville-Inner Harbor area is a great place to invest and to live, and a great time to buy is now! Listings are 30 per cent higher than this time last year, and that is keeping prices down, only a 1.5 per cent rise over last year so far this year, even in the busiest spring market. Talk to me further about investor opportunities in this area.
Kingston’s most affordable neighborhood, Rideau Heights in the northeast, is slated to see a lot of good development in the coming years (likely a new Walmart store, new community centre, and re-development of Rideau Heights housing),
The area has decreased slightly in average price falling back just under $200,000 for the lowest average price in Kingston. Listings are down noticeably over this time last year, but sales are still holding up. There is a steady demand for this reasonably-priced housing stock, and there are many lovely, house-proud residential streets in this corner of the city.
I welcome comment on this newsletter, and especially any other questions you may have about the local market. I really do like finding the answers!