Despite being in the thick of winter real estate has remained a fast moving business on Prince Edward Island so far this year. 139 homes were sold in February. That’s up from 115 last February (pre-pandemic) and marks the highest month of the last 10 years in terms of home sales. As for new listings: 157 homes were added to the market in the month, down from 184 last year.
Active Listings & Months of Inventory 🏡
As of the end of February there are only 430 homes left for sale on PEI, inventory remains incredibly low, with new supply being bought up very quickly. As you can see from the chart below, the number was over 4 times that in 2015. Pretty amazing situation overall. A related statistic, the months of inventory is also at an incredible 3.1 months, meaning if nothing new came on the market almost everything would be gone in 3 months.
Average Price 🏡
Finally the average price of a home on PEI has hit another record $322,371. The unprecedented lack of inventory is the main driving force of this rise in prices, but COVID’s impact on demand “from away” has definitely had an impact as well.