The year end stats for 2023 are in. Stats can very easily be manipulated, and it is important that you know the full context and pay attention to where you are getting your stats from. Over the last few years, I have always focused on the average sales price for each year. However, given the sharp decline in home prices in the last half of the year the average annual home sale price is irrelevant.

On Instagram of Facebook you may see agents sharing the average sales price of last year which will make it seem bullish, but it is not. If you look at the average sales price for all of 2023 in Kingston it is up year over year 12% at $653,080. This would seem bullish right? It isn’t.  This is nowhere near being a true reflection of the market. The average price in the 4^th quarter was $613,169 with the December average being around $520,000. So, in actuality the market has tanked quite a bit presenting opportunity now for Buyers! Especially those who plan to upsize!

If you are selling in the near future make sure you are paying attention to the sales in the last 3 months, not year or even 6 months is to long.  As I mentioned last week be prepared to have a lot more competition on the market with your home sitting a few weeks. The bidding wars are done. If you would are buying or selling and would like to discuss your best plan moving forward just respond to the email and we can have a quick discussion about how you should proceed.

Here are the year end stats and the 4^th quarter stats for your reference. Just remember what I said! Stats can be deceiving!

Thanks for reading!