July statistics are in! The market seems to be showing some signs of stabilizing, or at the very least calming a bit after an incredibly busy spring/early summer. 191 Homes were sold in July on PEI that’s down 27.7% from last year, and down slightly from last month which was 210. Though last July was really a sign that things were opening up in our Atlantic Bubble post first-wave of Covid.
New listings numbered 350 in July which was just one more than last July (349) and again almost the same as last month’s 353. Which seems to be enough to cover demand but keep inventory steady at a lower level than historically happens.
Active Listings & Months of Inventory 🏡
There are now 691 active home listings on PEI as of the end of July. This is down 8.5% from last July, implying that the market is still tight and fast moving at least in certain price brackets. As you can see from the below chart though we’re 1/4 of the amount of active listings 6 years ago in 2015 which is quite amazing. As for months of inventory (that’s the amount of time it would take to sell those 691 listings if nothing else came onto the market) we’re at 3.6 months for that right now, also a record low for July.
Average Price 🏡
Finally the main statistic of all: What is the average house price on PEI. Well for July it was $369,838, that’s up 33.6% from last July and compared to June’s $331K it was also quite a jump.