Real estate sales in the area continue to break records
During the month of April 2021, the total number of homes sold through the MLS® System of the Kingston and Area Real Estate Association (KAREA) totaled 539. That is more than double the levels from the previous April, which set a new sales record for the month.
Over the first two months of the year, KAREA reported 520 homes sold in the local market, which was an increase of 28 percent at that time. According to the numbers released by KAREA, throughout April, home sales in the area were 32.7 per cent above the five-year average and 38.3 per cent above the 10-year average for the month.
“Sales activity set a new April record and posted one of the highest levels of any month on record, coming in second only to May 2017,” said Mat Clancy, President of the Kingston and Area Real Estate Association. “New listings haven’t rebounded as strongly as sales since last summer, which has seen further tightening of already unprecedented market conditions. As a result, incredibly low levels of supply relative to demand are now driving year-over-year price growth north of 30 per cent.”
On a year-to-date basis, home sales totaled a record 1,575 units over the first four months of the year. This was a substantial gain of 77 per cent from the same period in 2020.
Home prices continue to inflate as well. The average price of homes sold in April 2021 was $587,697, an advance of 36.8 per cent from April 2020, according to KAREA. The dollar value of all home sales in the area in April 2021 was $316.8 million, more than double the levels from a year earlier, jumping 316.5 per cent from the same month in 2020. According to KAREA, this was a new record for the month of April and was also the largest dollar value of homes sold for any month in history.
The number of new listings more than doubled over this time last year. There were 710 new residential properties listed in April 2021 alone.
The final statistic KAREA shared for April is the months of inventory – the number of months it would take to sell current inventory at the current rate of sale activity. The long run average for this time of year is 4.2 months, and at the end of April 2021 the months of inventory was 0.8. It is currently taking only weeks for homes that enter the real estate market to sell.