Home Sales & New Listings 🏡
Another year gone by in PEI Real Estate! Time for some year end stats!
The number of homes sold through the MLS® System of the Prince Edward Island Real Estate Association totalled 89 units in December 2022. This was down sharply by 46.7% from December 2021. This was almost 20% below the 10 year average for the month (See below!)
This year 1989 homes were sold over the course of 2022 in PEI. An overall decrease of 17.9% from 2021.
The number of new listings was down by 11% (15 listings) from December 2021. There were 121 new residential listings in December 2022.
New listings were 5.6% above the five-year average and 2.5% above the 10-year average for the month of December.
Active Listings & Months of Inventory 🏡
Active residential listings numbered 716 units on the market at the end of December, a substantial increase of 33.8% from the end of December 2021 but not too far out of line for the last few years.
Active listings were 8.7% above the five-year average and 31.2% below the 10-year average for the month of December.
Months of inventory numbered 8 at the end of December 2022, up from the 3.2 months recorded at the end of December 2021 and below the long-run average of 11.2 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.
Average Price 🏡
Finally as a year end wrap up for the average price of homes on PEI. 2022 saw that number keep climbing though by the last few months of the year it had stabilized quite a bit. Our prediction for 2023 is that prices will remain stable or edge slightly lower on PEI.
The average price of homes sold in December 2022 was $402,432, advancing 17.2% from December 2021.
The more comprehensive annual average price was $388,218, increasing by 13.6% from all of 2021.