Home sales in April slowed dramatically from last April, down 22.7% to 194 homes. Similar to last month however this still represents a big drop attributed to the very low inventory. New Listings coming on the market totalled 265, between listings expiring and selling though this is not enough to bring supply levels into a better situation.
Active Listings & Months of Inventory 🏡
The amount of homes for sale as of the end of April stood at 443. This is about the same level as last year at this time down only 2% However as you can see the drop in inventory has been dramatic since the highs of the mid 20-teens when an incredible 1,861 listings were available in the market. That’s 4.5x more listings than are available today. Months of inventory has increased slightly from 2021 however, but it’s negligible and stands at 2.3 months. That’s the amount of time it would take to sell all the listings on the market today if nothing new appeared. Average time a new listing stays on the market is about 25 days.
Average Price 🏡
Finally, the average price of a home on Prince Edward Island in April was $414,742. This is up 20.3% from last April although almost identical to last month’s $414,295