The number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 503 units in May 2021. This was a substantial increase of 68.8% from May 2020.
Home sales were 6.3% above the five-year average and 9.5% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled a record 2,078 units over the first five months of the year. This was a jump of 74.9% from the same period in 2020.
"May’s home sales were tied for the third highest level for this month in history. Sales have shown little evidence of slowing down since roaring to unprecedented levels beginning last year," said Mat Clancy, President of the Kingston and Area Real Estate Association. "New listings have just barely managed to come back to average levels, which hasn’t been nearly enough to offset the current pace of demand. Overall inventories are still trending at record lows and with so little supply left on the market to choose from, competition among potential buyers is driving price growth of more than 40%."
The average price of homes sold in May 2021 was $596,004, a significant gain of 43.7% from May 2020.
The more comprehensive year-to-date average price was $582,349, an advance of 37.7% from the first five months of 2020.
The dollar value of all home sales in May 2021 was $299.8 million, more than double the levels from a year earlier, increasing 142.6% from the same month in 2020. This was also a new record for the month of May.
The number of new listings climbed 49.7% from May 2020. There were 729 new residential listings in May 2021.
New listings were 3.4% above the five-year average and 13.5% below the 10-year average for the month of May.
Active residential listings numbered 515 units on the market at the end of May, a big decline of 35.9% from the end of May 2020. Active listings haven't been this low in the month of May in more than three decades.
Active listings were 48.7% below the five-year average and 68.7% below the 10-year average for the month of May.
Months of inventory numbered 1 at the end of May 2021, down from the 2.7 months recorded at the end of May 2020 and below the long-run average of 3.7 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!