The February stats are in and now everyone is confused! Even with the high interest rates prices have been trending up. The average sold price in Kingston in February was $610,000 up 6% from $574,000 in January and 20% from $520,000 in December.

View the graph of the stats!

What makes it even more wild is that year over year listings are way up! They are up 284 % in comparison to this time last year.

 And the number of sales are way down! A 40% decrease from this time last year.

With Supply up and demand down you would expect that prices would be decreasing right now but the average price is going up! So what is happening???

 I’ll explain!

There is more going on behind the numbers!

Prices in general are in fact coming down! What is happening though are the more expensive homes are selling! Homes that were $800,000 are selling for $650,000 and homes that were $900,000 are selling for $700,000.

This is what is driving the average price up! I can prove this!

The average sales price of any home above $640,000 is only $760,000.

In December when homes were at their lowest average price in Kingston of $520,000 the average price of a home over the same $640,000 price point was $802,000

So although the average price has come up since December each month, then average prices of the more expensive homes over that same time have been coming down.

This is why it is a great time to upsize. Especially if you are sitting on a low sub 3% mortgage with a few years left on your term! You can blend your rate and upsize for just a few hundred bucks more a month. I wrote about this in the last newsletter. If you missed it or are new to the Newsletter you can view that here. 

https://www.jasonbarbosa.com/blog_read/locked-into-a-less-than-3-rate-but-want-to-buy-now-here-is-how-to-do-it-and-take-advantage-of-the-lower-prices

FOR SELLERS

With so much competition it is imperative that your home shows like a model home and is showcased in the best possible light.

You can download a copy of my prelisting package below for a 30 day plan to get your house ready to sell HERE

https://www.jasonbarbosa.com/30-day-plan-to-get-your-home-ready-to-sell

If you are thinking of making a move this year and would like to schedule a buyer or seller discovery call with me just send me an email at jasonremaxrise@gmail.com