The number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 314 units in February 2021. This was a sharp increase of 38.9% from February 2020 and was also a new sales record for the month of February.
On a year-to-date basis, home sales totaled a record 520 units over the first two months of the year. This was up by 28.1% from the same period in 2020.
"Home sales remained on a tear in February, much as they have been over the past several months," said Mat Clancy, President of the Kingston and Area Real Estate Association. "The story of the market remains much the same as before – not enough supply to keep up with demand. Inventories remain at rock bottom and increased competition among buyers is pushing the rate of price growth even further into double-digit territory. Just 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."
In February 2021 the average price of homes sold was a record $597,427, a substantial increase of 36.7% from February 2020.
The more comprehensive year-to-date average price was $567,934, a big gain of 33.7% from the first two months of 2020.
The dollar value of all home sales in February 2021 was $187.6 million, a substantial gain of 89.9% from the same month in 2020. This was also a new record for the month of February.
New listings saw a gain of 12.7% from February 2020. There were 436 new residential listings in February 2021.
There were 305 active residential listings on the market at the end of February. This was down sharply by 54.1% from the end of February 2020. Active listings haven't been this low in the month of February in more than three decades.
Months of inventory numbered 1 at the end of February 2021, down from the 2.9 months recorded at the end of February 2020 and below the long-run average of 5.7 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Come back next month to see updated Kingston Real Estate Market Statistics!