Sales slowed significantly in February on Prince Edward Island. 101 Homes were sold across PEI in the month, this was down 35.7% from last year. Home sales were 18.9% below the five-year average and 10.9% below the 10-year average for the month of February. For the first 2 months of the year, home sales totaled 194 units. This was a sharp decrease of 37.4% from the same period in 2022. However, there was very little change from last months 94 units sold.
The number of new listings fell 12.9% from February 2022, not quite as significant a drop as sales, but there were 183 new residential listings in February 2023. New listings were 3.7% above the five-year average and 0.2% above the 10-year average for the month of February. Again however, 196 new listings were added in January, very little change.
Active residential listings numbered 739 units on the market at the end of February, an advance of 65.3% from the end of February 2022. Active listings haven’t been this high in the month of February in five years! So inventory is definitely rising. Active listings were 22.3% above the five-year average. In a trend for this month though: January had 738 units at the end of the month only ONE unit in the difference.
Months of inventory numbered 7.3 at the end of February 2023, up from the 2.8 months recorded at the end of February 2022 and below the long-run average of 9.9 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.