Kingston Real Estate Market Report – Third Quarter
As the Kingston market cools slightly this year, buyers should take note. Many already have, and are getting good value for their money. Whether you’re buying or selling, the Kingston market is a good place to be – nationally recognized as being one of the most stable year in and year out.
Annual price appreciation usually ranges in the three to four per cent range. This year so far it has inched up only 1.5 per cent, as listings have increased for the second year in a row.
This Q & A features third-quarter highlights of the local market:*
What percentage of listings have sold? – 43 per cent compared to 51 per cent last year. Average time to sell is 46 days – a week longer than three years ago.
In what neighborhood do you have the best chance of selling?
Best price appreciation? – 5.8 per cent in southwest Kingston (Reddendale, Auden Park, Henderson Place and Lakeland Acres.) Sellers have benefited from a drop in listings compared to last year.
Other areas with good price appreciation included east Kingston neighborhoods flanking Highway 15 (Greenwood Park etc.), at 3.7 per cent, and city centre south of Johnson at 4.6 per cent. The newer northwest subdivisions in Kingston, west of Sydenham Rd., and north of Princess St., also performed well at 3.6 per cent, although this increase is propped up by the relatively higher cost of new homes sales in this area. And Amherstview's pleasant neighborhoods, abundant water views and good value for money continue to have solid appeal even during a slowdown, with prices up 3.3 per cent.
What are the best areas for bargain hunters? - Find good deals west of Gardiners between Bath Rd and Taylor-Kidd Drive. Sales are down and sellers are hungry, and prices have come down almost three per cent over last year. Average home price here is just below $272,000, fully $50,000 lower than the neighborhoods to the north on the other side of Taylor-Kidd.
A high number of listings and slower sales is also tipping balance in favor of buyers in the downtown areas north of Princess, such as Williamsville-Inner Harbor and Kingscourt. Average price here is $238,000.
Many smart buyers also know there are many pleasant streets in north Kingston, and a lot of new investment being made to enhance community services and amenities here. A buyer’s dollar goes a long way here with the lowest average sale in the city at just under $197,000.
Urban Kingston’s average sale price currently sits at just over $300,000
* based on statistics for the first nine months of this year. Includes Kingston neighborhoods south of the 401, including Amherstview, and excluding properties flanking Highway 2 east of the Cataraqui River. For more detailed information on a particular neighborhood, please give me a call. There is so much more to tell! )