Review of Kingston Home Sales
18 Apr 2016
The April 7th Article from the Kingston Whig Standard presented some interesting data and was headlined with a “sky is falling” styled title. While I respect the Whig’s objectives and equally respect the Whig Writer and those that assisted this story, I question the data and the context of the data. So I took a second look at the data and based on a review of KAREA Board MLS® System Sales First Quarter of 2016 compared to First Quarter 2015, I discovered several discrepancies.
I will preface each statement made within the Whig Article followed by what our review of the data yielded. One final point here; there are several ways to review data which is worth considering and more importantly worth clarifying when presenting data, as follows:
- KAREA Board Wide MLS® System Sales Stats covers a broad area from East of Gananoque to North of Highway 7 and West of Napanee. What often happens is board wide data is used to reference City of Kingston Sales when it is really a reflection of a much broader area and is not really true to local or Kingston data.
- In addition, sales can be broken down to include commercial, farm and multiple family units which is not a true reflection of residential sales.
Our review yielded quite different data briefly summarized as follows:
Whig Stated: The Average Sale Price in Kingston is now worth slightly more than $300,000.
Our Review Concluded: The average sale price of a home in the City of Kingston for the First Quarter of 2016 was $314,831 (I’m just not sure if many people would consider nearly $15,000 as just “slightly more than” $300,000)
Whig Stated: According to the Royal LePage House Price Survey released Thursday, the aggregate price of a home in the Kingston Area decreased 3.3% in the First Quarter of 2016.
Our Review Concluded: Comparing the City of Kingston sale price average First Quarter 2016 to 2015 there was minimal change year over, however the change was a slight increase of 0.40% year over. Assuming they relied on the broader KAREA Board wide data, we checked that, and found a 0.5% decline in sale price, which is hardly a sinking feeling in price. Furthermore, sales volume KAREA Board Wide was up 16% year over.
Whig Stated: Locally, the price of a two-storey home decreased 8.2% to an average of $334,066.
Our Review Concluded: The average two storey sale price in the City of Kingston First Quarter 2016 compared to 2015 increased from $344,068 to $350,485, an increase of 1.83% . Board wide average sale price (keep in mind the size of the area) did increase to $321,139, which compared to same Quarter 2015 was an increase of 8.2%. In both cases there was no decrease in two storey home prices.
Whig Stated: The price for a bungalow is on the rise in Kingston, however, up 3.3 per cent to an average price of $298,442.
Our Review Concluded: The average sale price of a bungalow in the City of Kingston in the First Quarter of 2016 declined from $311,137 to $301,929 a decline of -2.9%, not an increase of +3.3% .
Whig Headline Stated: Average local house price sinks in Kingston
Our Review Concluded: Well, you decide.
Thanks for reading, we invite comments, opinions and corrections and value open discussion on market trends.