It wasn’t really the January I expected after two slowing years in Kingston’s residential market.
Residential sales in Kingston were up more than 12 per cent over last January. Even allowing for last January's miserable weather conditions, sales activity is still healthy, and on a par with January 2013.
But sold prices tell the real story. Sellers are finally wising up to current market conditions. The average sales price is down two per cent compared to January/2014, and January 2013, when it remained unchanged at just over $304,000. Yet sellers are getting closer to their asking prices now compared to a year ago - an average of 99 per cent of listing price - because they're offering their properties at more realistic prices that buyers can accept.
Last January, buyers and sellers were farther apart, with fewer sales and sellers getting an average of just over 97 per cent of asking.
Sellers take note - this means that adjusting a listing price by just $6000 on an average $300,000 home could make the difference between selling or languishing on the market.
This seller savvy will have to continue as the market continues to be bloated with a flood of listings that shows no signs of abating. January’s new listings alone were close to 30 per cent higher than the previous January.
This market offers lots of competitive choices for buyers and super low interest rates! If you or anyone you know need help in finding a solid deal, or getting your property sold, please contact me. I'll put the numbers to work for you :)
One month of sales activity is not really enough to spot developing trends as most neighborhoods have experienced well under ten sales so far.
However, there is always some early activity in areas with a significant number of rentals, such as near Queen's and St.Lawrence College. Investors are drawn to make purchases close to the time most leases are up in early spring. But the area of Polson Park-Calvin Park-Portsmouth-Mowat Woods-Country Club Estates saw slightly more sales last month than during the two previous Januarys. This area had one of the better price appreciations in the lean year of 2014 - over five per cent. But early buyers are still getting deals. Average sales price in the area is down 15 per cent compared to January 2013.
Another possibly useful bit of information at this early stage is areas where listings are substantially higher than previous years, as this means sellers must compete for buyers, and buyers gets deals. Although listing numbers are rising across the board, they are significantly higher compared to previous January numbers in the west of Gardiners Road neighborhoods between Taylor-Kidd and Princess, and also in north Kingston east of Division and north of John Counter (Rideau Heights and Marker's Acres). Sellers in these areas need to be strategic with pricing to stand out from the competition.
If you have questions about the numbers in particular areas, I'm happy to oblige. So please give me a call :)
NOTE: These statistics reflect market activity in the City of Kingston plus the community of Amherstview and as such will differ from regional statistics published by the Kingston and Area Real Estate Board..