The number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 278 units in November 2021. This was a sharp decrease of 19.4% from November 2020.
Home sales were 0.1% below the five-year average and 10% above the 10-year average for the month of November.
On a year-to-date basis, home sales totaled a record 4,221 units over the first 11 months of the year. This was up by 9.2% from the same period in 2020.
"Home sales continued at a blistering pace in November, reaching the second highest level for this month on record. On an annual basis 2021 is already set to post the best year in history," said Mat Clancy, President of the Kingston and Area Real Estate Association. "On the supply side it’s the same old story – there just isn’t enough to keep pace with demand. Increased competition among potential buyers for this limited pool of available listings is currently driving MLS® Benchmark Price growth of around 30% on a year-over-year basis."
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $543,400 in November 2021, up by 28.9% compared to November 2020.
The benchmark price for single-family homes was $541,800, an increase of 28.8% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $447,600, a jump of 31.4% compared to a year earlier, while the benchmark apartment price was $397,500, increasing by 27.4% from year-ago levels.
The average price of homes sold in November 2021 was a record $622,734, an increase of 24.8% from November 2020.
The more comprehensive year-to-date average price was $582,626, a sizable gain of 27.2% from the first 11 months of 2020.
The dollar value of all home sales in November 2021 was $173.1 million, edging up 0.5% from the same month in 2020. This was also a new record for the month of November.
The number of new listings saw a sharp decrease of 11.6% from November 2020. There were 304 new residential listings in November 2021.
New listings were 4.2% below the five-year average and 18.9% below the 10-year average for the month of November.
Active residential listings numbered 257 units on the market at the end of November, down sharply by 38.1% from the end of November 2020. Active listings haven't been this low in the month of November in more than three decades.
Active listings were 57.8% below the five-year average and 76.6% below the 10-year average for the month of November.
Months of inventory numbered 0.9 at the end of November 2021, down from the 1.2 months recorded at the end of November 2020 and below the long-run average of 4.7 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!