FIRST QUARTER REPORT – THE MICRO-MARKET EDGE
Is it really a buyers’ market in every neighborhood in Kingston?
Not necessarily! The degree to which circumstances currently favor buyers varies from slight to substantial depending on current conditions in each neighborhood.
Knowing that listings are close to 30 per cent higher in the city compared to the first quarter of last year, doesn’t really help a buyer or seller plan their strategy unless they know more accurately the situation in their area of interest.
Some sectors of the city actually have momentum building in recent months to favor sellers, despite the general buyers' market. This is the value of micro-market statistics. City-wide averages can’t do much more than indulge a curiosity for general trends. If you’re thinking about getting involved in buying or selling, it is the sub-local information you need.
To sketch briefly, there have been upticks in sales and prices in north Kingston, about a two-per-cent price correction in favor of buyers in the crowded east-end market, a five-per-cent pullback in sales prices in the prime Queen’s U area of downtown, and stable to good performance in other established city-central neighborhoods.
Sales are exceeding those of last year’s first quarter in west Kingston where numerous listings have given buyers both choice and bargaining power. But sellers are having to struggle to compete, and sales prices have been dropping. Sellers south of Taylor-Kidd are so far generally getting better prices than last year. North of Taylor-Kidd sellers aren’t faring as well.
Performance in most other city neighborhoods has been flat to steady with some downward pressure on prices. The northwest area of Kingston, west of Sydenham Rd, and north of Princess, has seen better than average price appreciation in a cooling market driven by a substantial number of new builds in this sector. But this market is also settling down, in part due to greater numbers of more modest builds such as town homes and semis.
Sales have exceeded the first quarter of 2014, but have basically just come back up to where they were during the first quarter of 2013.
Please contact me for more detailed information about your area of interest. It’s the micro-market picture you really need!