Looking to buy a home in Kingston? Get ready to shell out. The Kingston and Area Real Estate Association (KAREA) announced this week that the average price for a home in the Limestone City rose by just under 39 per cent from February 2020 to the same month this calendar year.
Not only are homes selling for more, but there are also more of them on the market, too — 520 homes sold during the first two months of 2021, up to just over 28 per cent year-over-year.
“Home sales remained on a tear in February, much as they have been over the past several months,” President of the Kingston and Area Real Estate Association Mat Clancy said in a KAREA news release. “The story of the market remains much the same as before – not enough supply to keep up with demand.”
Clancy adds that inventories remain very low and increased competition among buyers is pushing the rate of price growth even further into double-digit territory.
“To put things into context, at the beginning of 2020, average price levels were slightly above $400k; a year later they’re almost touching $600k,” Clancy added.
The squeeze may continue, too, as the number of homes listed towards the end of February indicates a sharp downturn of 54.1 per cent from this time last year.
This continues the local trend in real estate sales, which have been ramping up for the past few months.