July was a predictably busy month for PEI Real Estate. Inventory is continuing to increase but the average price of homes on PEI has remained at the same level and even risen a bit year over year and month over month.
Home Sales & New Listings 🏡
198 Homes were sold on PEI during July. This was a big increase from last years of 23%. So even though inventory has increased over 12% the sales are there to match it. In a big coincidence the number of new listings was unchanged from July 2022. There were the same number of 372 new residential listings last month as July last year! This follows a very steady trend for the last 8 years as you can see below.
Active Listings & Months of Inventory 🏡
Active residential listings numbered 1,033 units on the market at the end of July, a gain of 12.6% from the end of July 2022. This was 13.9% above the five-year average and 25.8% below the 10- year average for the month.
Months of inventory numbered 5.2 at the end of July 2023, down from the 5.7 months recorded at the end of July 2022 and below the long-run average of 7.1 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 for July the average price of homes sold in PEI was $402,614, increasing by only 1% from July 2022.
The more comprehensive year-to-date average price was $386,079, a modest decline of 2.4% from the first seven months of 2022. House prices in the province have remained very steady despite inventory increases and factors like interest rates. See you next month!