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Kingston and Area

Do you want to sell your home in the City? Well, Kingston and Area Real Estate Association, formed over 75 years ago, is the help you need. With their services, you can have a house or home sold faster. Moreover, you get access to estate professionals who are ready to help. In November 2020, their home sales broke the record. The following report focuses on sales.

The Home Sales

In November 2020, Kingston and Area Real Estate Association through the MLS® System sold homes totaling 357 units. This figure is a 34.2% increase from that experienced in November the previous year. Moreover, the figure was a new sales record set for the month. Additionally, over the first 11 months of 2020, the year-to-date home sales totaled 3,870 units. This figure was a 6.9% increase from the one experienced in November 2019.

Dave Pinnel Jr, the President of Kingston and Area Real Estate says the sales broke the November record since the sales activity rose above 300 units for the first time in the month. He continues to say that the supply levels are reduced just as has been the case in the previous months. This is so even though there is an increase in new listings. This makes no difference since the sales are highly increased hence supply can't match. Moreover, the prices are also increasing due to stiff competition among buyers fighting for the reduced number of listings.

The Home Prices

In November 2020, the average price of home sales recorded was $512,832, an 18.6% increase from the one recorded in November the previous year. Furthermore, the year-to-date average price from the first 11 months of 2020 was $461,383, an increase of 17.1% from that of the first 11 months of 2019. On the other hand, the dollar value of total home sales in November was $183.1 million, which is a 59.1% increase from that recorded in the previous year at such a time. Moreover, this was another record set for November.

Residential Listings

There was an active residential listing of 441 units at the end of November 2020. This was a 43.2% decrease from that of November 2019. This was the first time a record of active listings was below 500 in more than 30 years.

Months of Inventory

These are the months it would take to sell present inventories at the prevailing rates of sale activity. At the end of November 2020, there was a total of 1.2 months of inventory. This was a reduction from the 2.9 months experienced in the previous year. Furthermore, the figure was below the long-run average of 5.2 months for November.

Conclusion

Kingston and Area Real Estate Association represents over 550 real estate professionals who are ready to offer their services to those who want to sell their home in Kingston or those who want to sell their Kingston houses.  The report on the home sales made in November 2020 and the listings can help an individual decide either selling through the association or not.