There was a pretty big drop in home sales last month on PEI. In January the home sales on the MLS® System of the Prince Edward Island Real Estate Association totalled 94 units in 2023 declining 38.6% from last January. Home sales were 20.7% below the five-year average and 7% below the 10-year average for the month of January.
The number of new listings saw a sizable gain of 28.1% from January 2022. There were 196 new residential listings in January 2023. This was the largest number of new listings added in the month of January in more than five years.
New listings were 16.5% above the five-year average and 2.3% below the 10-year average for the month of January.
Partially as a result of a rise in new listings and slowing of sales the number of active residential listings and months of inventory has continued to increase. Active listings numbered 738 units on the market at the end of January, a substantial gain of 64% from the end of January 2022. Active listings haven’t been this high in the month of January in five years.
Active listings were 20.3% above the five-year average and 26.8% below the 10- year average for the month of January.
Months of inventory numbered 7.9 at the end of January 2023, up from the 2.9 months recorded at the end of January 2022 and below the long-run average of 11.6 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 the average price has remained pretty stable for the last several months for the most part. The number seems to have settled at around $350K for a residential home on PEI.