Home Sales & New Listings 🏡
As Spring arrives it looks as though we’re solidly into a balanced real estate market in Prince Edward Island.
The number of homes sold through the MLS® System of the PEI Real Estate Association totalled 150 units in April 2023. This was a decrease of 20.6% from April 2022. Home sales were 9.6% below the five-year average and 4.3% below the 10-year average for the month of April. The number of new listings saw a decline of 5.6% (15 listings) from April 2022. There were 251 new residential listings in April.
Active Listings & Months of Inventory 🏡
Active residential listings numbered 786 units on the market at the end of April, up sharply by 72.7% from the end of April 2022. This is a big increase year over year but in the long term it’s still well below historic levels as you can see from below.
Months of inventory numbered 5.2 at the end of April 2023, up from the 2.4 months recorded at the end of April 2022 and below the long-run average of 7.9 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity. These two stats are frequently tied together as a sign of how the inventory levels are.
Average Price 🏡
And finally the average price of homes sold in March 2023 was $380,096, a marginal decline of 2.7% from April 2022. Prices have remained very steady despite the move to the balanced market and the rise in inventory.
See you next month!