Your Real Estate Market Questions Answered!

Dawn Morden, Realtor, eXp Realty Brokerage | Jan 17, 2024

Realtors are often asked questions about the real estate market. Here are some frequently asked questions with answers based on market statistics from 2023 in Frontenac County, Addington Highlands and Stone Mills.

Is this a good time to buy a home?

Yes. The market slowed during 2023 and buyers got a better deal than in 2022. Average sale price of homes was less, except in Central Frontenac, where it remained the same. The biggest reduction in average sale price was in North Frontenac. The average percent of asking price paid for homes was also less, in all our townships. It decreased the most in Stone Mills. Fewer homes sold in all five townships and they took longer to sell, so buyers had more time to look around and compare properties in 2023. The least change in the number of homes sold was in Addington Highlands, and most change in time on the market was also in Addington Highlands where homes took three weeks longer to sell than in 2022. Also in 2023, there were more homes on the market so a larger inventory and greater selection of homes was available to buyers.

Is this a good time to sell my home?

Yes. Despite a slower market, it’s still a good time to sell. 464 homes sold in our townships for a total of $280 million dollars during 2023. The highest sales volume was in South Frontenac, followed by Stone Mills and Central Frontenac. Buyers are still buying but with the slowing market, prices are more competitive. The least change in average sale price was in South Frontenac and Addington Highlands. Buyers are looking for the best deals and nicest properties, so as a seller, get your home into its best condition possible, list it at a good price, and make sure your realtor has a solid marketing strategy.

How has the value of my home changed over the last year?

The value of an average home changed quite a lot during 2023 but at the end of the year is similar to what it was at the beginning of the year. North Frontenac 0.6% less. Central Frontenac 2.4 % less. South Frontenac 7.1% more. Addington Highlands 0.3% less. Stone Mills 1.4% less. Values in all five townships followed a similar pattern; falling during the first quarter of 2023, peaking mid-year, then returning to near where they started. Over the last three to five years, the largest increase in value of an average home was in Addington Highlands, followed by Central and North Frontenac.

Where’s the most affordable place to buy?

Central Frontenac. The lowest average sale price for 2023 was in Addington Highlands ($477,000) followed by Central Frontenac ($500,000). However, in Central Frontenac, 23 homes sold for under $300,000 in 2023 (and 22 in 2022), whereas in Addington Highlands, only 10 homes sold for under $300,000 (11 in 2022).

Where’s the most popular place for waterfront living?

North Frontenac. 54% of the homes sold in North Frontenac during 2023 were waterfront (61% in 2022). Second and third most popular townships were Central Frontenac, 44% of homes sold were waterfront (41% in 2022), and 40% in South Frontenac (32% in 2022).

Where can I find a luxury home?

South Frontenac. Homes sold in all five townships for over a million dollars during 2023 (and in 2022) but South Frontenac had the most by far; twice as many as the other four townships put together with 20 (and 40 in 2022, almost twice as many as well). The most expensive home sold during 2023 is located in South Frontenac. It sold for 2.75 million dollars.

Where is the most affordable place to buy land if I’m building a home?

North Frontenac and Addington Highlands. North Frontenac had the lowest average sale price for vacant land in 2023 ($118,000), but none of that land was waterfront. Addington Highlands had the second lowest average sale price for vacant land in 2023 ($165,000), with 27% of that land being waterfront. Stone Mills was a close third, where the average sale price for vacant land was $170,000. (13% of that was waterfront).

Where will I get the best return on my investment when purchasing land to build a home?

South Frontenac. The differential between the average sale price for land and for homes in South Frontenac was high and provided the best return on investment during 2023 (and 2022). Stone Mills also had a good return on investment for 2023 (and 2022). North Frontenac is also a contender. It had the highest differential of all during 2023, but none of the land sold was waterfront so the numbers are skewed because half of the homes sold were waterfront.

If I’m planning to sell my home, how long will that take?

Usually, three to six months from the time you decide to sell to completion. Once you sign a listing agreement, your realtor needs 1-2 weeks to gather information, have photography and video tours completed, and upload your listing to the MLS. If you plan to do home repairs, painting or decluttering, this time period could be longer. The median time it took to sell a home in 2023 ranged from 20 days (in South Frontenac) to 38 days (in North Frontenac); but that’s just an average, not a guarantee that yours will sell in that time frame. Completion of the transaction is most commonly 60-90 days from acceptance of the offer but that time frame is flexible depending on your plans and needs as a seller, and the buyer’s needs.

Here is a breakdown of the information for home sales in each township during 2023 (and 2022).

Number of homes sold. Average sale price rounded to the nearest 1000. Average percent of asking price paid. Number of days on the market. (Information is based on MLS system data owned by the Kingston and Area Real Estate Association 2022-2023.)

North Frontenac. 50 (76). $560,000 ($649,000). 97% (98%). 38 days (23 days).

Central Frontenac. 82 (93). $500,000 ($500,000). 97% (101%). 22 days (16 days).

South Frontenac. 198 (256). $687,000 ($752,000). 99% (105%). 20 days (11 days).

Addington Highlands. 44 (48). $477,000 ($523,000). 95% (102%). 36 days (14 days).

Stone Mills. 90 (133). $598,000 ($678,000). 99% (106%). 24 days (10days).