The Prince Edward Island real estate market seems to be shifting, and we’re entering a more balanced market. But prices are not dropping by much despite sales slowing compared to last year.
The number of homes sold through the MLS® System of the Prince Edward Island Real Estate Association totaled 196 units in August 2022. This was a decline of 13.7% and was the lowest sales total for the month of August since 2015. Home sales were 16.8% below the five-year average and 9.3% below the 10-year average for the month of August. On a year-to-date basis, home sales totaled 1,432 units over the first eight months of the year.
The number of new listings decreased by 7.7% from August 2021. There were 323 new residential listings in August 2022.
Active Listings & Months of Inventory 🏡
Active residential listings numbered 955 units on the market at the end of August, a large increase of 30.5% from the end of August 2021. As you can see this is an increase from last year, but still much lower than it was in 2014-15. The related statistic of “Months of inventory” ie. the time it would take to sell everything on the market today if nothing new appeared, rose slightly to almost 5 months, but again as you can see from the charts below is still far below historic highs.
Average Price 🏡
The average price of homes sold in August 2022 was $391,772, up by 15.5% from August 2021.
The more comprehensive year-to-date average price was $394,837, an increase of 17.1% from the first eight months of 2021.