The summer market was in full swing in August for PEI Real Estate. Average prices continue to remain stable as we remain in a very balanced market.
Home Sales & New Listings 🏡
Home sales came up to 215 in August on Prince Edward Island. This is an increase of almost 14% from last year but down slightly from the previous years of as you can see from the chart below. Home sales were only 5.7% below the five-year average and 3.6% below the 10-year average for the month of August. No big surprises in this data. On a year to date basis home sales totalled 1,300 units over the first eight months of the year.
The number of new listings saw a gain of 10.5% from August 2022. There were 358 new residential listings in August. Checking against the chart below you see the most steady graph of all of them with the number of new listings staying extremely stable over the last 10 years for August.
          
Active Listings & Months of Inventory 🏡
Active residential listings numbered 1,041 units on the market at the end of August, up by 8.1% from the end of August 2022. Active listings were 12.8% above the five-year average and 24.5% below the 10-year average for the month. As you can see we’re off the record low years during COVID of 2020 and 2021 but still far below the long term average.
Months of inventory numbered 4.8 at the end of August 2023, down from the 5.1 recorded at the end of August 2022 and below the long-run average of 6.7 for this time of year. The number of months of inventory is the time it would take to sell current inventories at the current rate of sales activity!
          
Average Price 🏡
The average price of homes sold in August was $390,876, a minor increase of 1.7% from August 2022.
Prices are very very stable and have been now for a year. Hard to see any factors changing this any time soon on the Island.
