Gary Moran's Kingston Realty Team DECEMBER 2008 Newsletter

Hi everyone,

Well, I cannot believe another year has passed by - it was a very good year for us at Kingston Realty Team and we thank you for that - it just went by, far too quickly.

First, let us wish everyone a wonderful holiday season, it's a great time to reflect on all of our blessings in this Canada of ours.  With all of the turmoil and financial uncertainty in the world these days, we are truly blessed to live in this country.  I'm not saying that we don't have room for improvement because we certainly do, but from all accounts Canada's situation seems to be one of the better in the world.

Unfortunately, some Canadians will not have a happy holiday - we wish them well and hope they will see better days ahead soon.  For those special folks in the Canadian Armed Forces and for those that have served before you, bless you all for your phenomenal sacrifices so that we can all enjoy the benefits we mostly take for granted on a day-to-day basis.  I know that our national Day of Remembrance is November 11, but may we all say a small prayer of thanks especially for those who have given their lives and for those in lands far away from their friends and loved ones in the service to our country.

Statistics

Number of units sold was down in November compared to last year, 162 units in 2008 compared to 198 in November 2007.  Overall, so far, this year number of units sold is down 6.6% compared to last year-to-date and down 4.3% compared to the average over the past three years-to-date.

For comparison, I looked at a couple of other markets that I could get the statistics for to see how our market looked.  Toronto Board Area reported that year-to-date sales were down 18.7% compared to the same period last year, Windsor reported a 7.85% decline in number of sales and London, Ontario was down 10.2% year-to-date.  So overall, it appears we are doing better than other locations in Ontario.

Average prices in the Kingston Board area have increased over last year by 6.2% for two-storeys, 4.2% for bungalows and 4.7% for condos.

For comparison, Windsor's average price has dropped 2.2% compared to the same period last year, while the average price in Toronto is reported to be about 1% up compared to last year.  Now, please keep in mind that just like here in Kingston the boards are divided into smaller areas and each area has its own numbers, and they can vary significantly from the overall average.  So these stats only give us a general guideline regarding the health of our real estate markets.

As far as numbers of properties on the market, we continue to see much higher levels than last year - currently up 26.4%.

Putting this all together, we continue to have a reasonably good balanced market here.  With higher inventories "list" prices will have to be accurate because buyers have lots to compare and only the ‘better' priced properties will bring offers.

There will be market corrections in many markets such as Vancouver and Victoria, of that I have no doubt and there will be reductions in the number of sales in almost all markets, but especially those that rely on the manufacturing sector.  The gloom and doom constantly reported in the media will affect the overall economy.

Generally in Kingston, we are fortunate to have a stable employment base and although we will certainly see some effects of the global situation, we do remain somewhat isolated and protected from any major effects.

What's a "Talking House"?

Talking House is an amazing high-tech, digital, radio transmitter that I place discreetly inside your home to sell it faster for top dollar.  Talking House broadcasts a customized sales message describing the most exciting features of your home over the airwaves 24/7.  House hunters simply tune their car radio to hear an attention grabbing message, complete with instructions to contact me to schedule a showing.  Talking House makes your home stand out.  The talking house transmitter won't interfere with your TV, radio, phone or PC.  You won't even know it's on.  The special yard sign attracts extra attention to your property and invites buyers to "tune in" on their car radio to hear Kingston Realty Team's private radio broadcast about the most enticing features of your home.  It's like having one of our team standing at the curb, 24/7 telling every potential buyer about your home and scheduling an appointment for a showing.  Just one of the high-tech methods we at the Kingston Realty Team employ to promote our listings and we are the only Team in Kingston using this high-tech sales tool.  We'll describe some additional high-tech methods that we utilize in the next issue.

Next month I'll recap the year and give my take on the 2009 real estate market.

Once again, we wish you all a wonderful holiday season with health, happiness and prosperity and we very much thank each and every one of you for your referrals and support.

Have a Great Day!

Regards,

Gary Moran, M.Sc.

KingstonRealtyTeam

sutton group-masters realty inc., Brokerage

Independently Owned and Operated