Real Estate Round Up

Jan 11, 2023

Home prices steadily increased over the last few years because demand was so high; more homes were selling, for more than asking price, and they were selling very quickly. This trend of increase continued into early 2022. Sale prices peaked at all time highs in the spring. As spring turned to summer, things started to change.

These changes progressively permeated the market through the latter part of the year. More than 350 million dollars of real estate sold in our five townships (North, Central and South Frontenac, Addington Highlands, and Stone Mills) during 2022, compared to over 430 million in 2021, which was a record breaking year.

Not as many homes sold during 2022, despite the fact that there were more on the market than during 2021. Changes in the market that happened during 2022 occurred a little differently in different townships. The slowing market was most clearly seen in North and Central Frontenac. Fewer homes sold than in 2021. Average sale prices and the percent of asking price paid for homes decreased, and decreased even more during the last quarter of the year. Homes took longer to sell, and even longer during the last quarter. North and Central Frontenac remain popular areas for waterfront homes despite the slowing market, approximately half of the homes sold in both 2021 and 2022 were waterfront.

Average sale prices increased significantly from 2021 to 2022 in South Frontenac and Stone Mills. Decreases started to appear in the last quarter of the year, but the average sale price still remained well above what it was during 2021. Fewer homes sold in both townships. In South Frontenac, homes took a little longer to sell and the percent of asking price paid for them was less. Stone Mills showed the same trend, but not for the year as a whole, only during the last quarter.

The only facet of a slowing market that appeared in Addington Highlands during 2022 was that fewer homes sold. Homes sold more quickly, and even more quickly during the last quarter. Average sale price increased, and continued to increase even during the last quarter. The average percent of asking price paid for homes increased as well, although that did begin to decline during the final quarter of the year.

The last few years brought about an interesting change in our market that continued into 2022. The number of homes sold for over a million dollars has been increasing. There were 74 in 2022, and only 70% of them were waterfront.

Here are details about the real estate market during 2022 and (2021) in each of our townships (information is based on MLS system data owned by the Kingston and Area Real Estate Association (January 1, 2021- December 31, 2022). Prices are rounded to the nearest 1000.

North Frontenac: 76 homes sold (110). Average sale price $649,000 ($650,000). Average percent of asking price paid 98% (104%). Median number of days to sell 23 (14).

Central Frontenac. 93 homes sold (162). Average sale price $500,000 ($556,000). Average percent of asking price paid 101% (108%). Median number of days to sell 16 (12).

South Frontenac. 256 homes sold (341). Average sale price $752,000 ($612,000). Average percent of asking price paid 105% (109%). Median number of days to sell 11 (9).

Addington Highlands. 48 homes sold (77). Average sale price $523,000 ($473,000). Average percent of asking price paid 102% (99%). Median number of days to sell 14 (23).

Stone Mills. 133 homes sold (150). Average sale price $678,000 ($580,000). Average percent of asking price paid 106% (106%). Median number of days to sell 10 (14).