KINGSTON REAL ESTATE MARKET RECAP – December 2020

Hi everyone, Jordan Quaresma here from RE/MAX Rise and the Quaresma Realty Group, and it’s time now for your Monthly Market Update. This time for December 2020.

Well, we made it to 2021. We just got to take a quick look at December to see how we turned out for the remainder of the year.

So the average sale price last month was $529,000 with an average days on market of 21 days. We saw 128 transactions last month, which is 46 units over 2019. 2020 as a whole, we saw an average sale price of $493,000, which is up 14% over 2019. Average days on market was 21 days, which is down 28% over 2019.

Using these numbers to kind of extrapolate what’s going to happen in 2021, I think it’s going to remain constant given the inventory that we have and demand being as high as it is. I still think we are going to see a significant increase, even in 2021. My guess of my prediction would be anywhere between 10 and 14%, and the reason for this is that I don’t see inventory levels significantly increasing anytime soon. I also don’t see demand dropping enough to kind of neutralize the market a little bit. It’s still very much a seller’s market, as you can see from the numbers, but I will keep you posted every month. We’ll see together as to how the market turns out this coming year. 

Until then, stay safe, and I’ll talk to you next month. Have a great day, and thanks again.