Time for our monthly checkup of the PEI Real Estate Market. So June was another busy one, but summer is the traditional height of the market each year on the Island. Home sales numbered 210 for the month which compared to 222 last June was down 5.4%. Meanwhile 353 new home listings were added last month which was up by roughly the same amount sales were down 5.7%.
Active Listings & Months of Inventory 🏡
The saga continues for listing inventory on the Island. As of the end of June 612 homes were for sale on the Island. This is down 17.7% from last June and continues a trend of supply problems in the overall market. As you can see in the chart below in 2016, there were 2,282. That’s a dramatic decrease. This trend may be levelling out slightly but we’ll have to wait until next month to know for sure. The market is still quite competitive and fast moving as a result though.
The related statistic to that is “Months of Inventory” which is the amount of time it would take to sell those 612 homes at current pace. That is down to 2.9 months at the moment. A decrease from 3.4 last year, which is quite amazing.
Average Price 🏡
Of course a statistic many islanders pay attention to is the average price of a home. It is an important reflection of where the market is at any given time. So at the end of June the average PEI home price stood at $331,641, an increase of 27% over last year.