Welcome to the awe-inspiring K&P Trail, a 180 km multi-use wonder linking downtown Kingston to Renfrew. This trail offers a diverse range of scenic vistas, from open landscapes to historic sites. We’re here today to bring you the Kingston Real Estate Market update for August 2023. Stay tuned for the latest stats and market highlights.
Kingston Real Estate Market Stats – August 2023
- Kingston recorded 112 residential transactions in August, a decrease from the 127 transactions in July.
- Year-to-date, there have been 1,163 transactions, reflecting a 17% decline compared to the same period last year.
- Homes in Kingston spent an average of 27 days on the market in August, up from the 24 days in July.
- Year-to-date, the average time on the market is 27 days, a 10.9% increase over the previous year.
- The average sale price for homes in Kingston in August was $683,000, up from $621,000 in July.
- Year-to-date, the average sale price is $640,000, representing a 6% decrease compared to the same period last year.
- Kingston finished August with four months of inventory, which is one month more than in July.
- Year-to-date, the average inventory is three months, up from one month at the same time last year.
- Summertime transactions are currently at an all-time low, indicating a slower market during the summer months.
- Active inventory is on the rise, surpassing pre-pandemic levels.
- Buyers may have less competition and more options in the current market.
- However, pricing hasn’t seen a significant decrease, and interest rates remain high.
- Despite the challenges, it could be a good time for buyers, given reduced competition and increased inventory.
- Pricing hasn’t dropped significantly, and mortgage rates are still relatively high.
- The holding of interest rates may impact the market’s trajectory in the coming months.
That concludes our Kingston Real Estate Market Update for August 2023. Thank you for watching, and see you next month! We hope you found this helpful, be sure to follow our blog and like/subscribe to our channel on YouTube for more videos just like this.
