Home Sales & New Listings 🏡
The number of homes sold through the MLS® System of the Prince Edward Island Real Estate Association totaled 202 units in June 2022. This was a decline of 12.9% from June 2021. Home sales were 3.3% below the five-year average and 0.8% above the 10-year average for the month of June. On a year-to-date basis, home sales totaled 1,076 units over the first six months of the year. This was a decline of 10.5% from the same period in 2021.
The number of new listings saw a sizable gain of 16.5% from June 2021. There were 424 new residential listings in June 2022. This was the largest number of new listings added in the month of June in more than five years. New listings were 15.6% above the five-year average and 1.5% above the 10-year average for the month of June.
Active Listings & Months of Inventory 🏡
Active residential listings numbered 775 units on the market at the end of June, increasing by 24.8% from the end of June 2021. Active listings were 10.8% below the five-year average and 45.8% below the 10- year average for the month of June.
Months of inventory numbered 3.8 at the end of June 2022, up from the 2.7 months recorded at the end of June 2021 and below the long-run average of 7.6 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 of a home on Prince Edward Island at the end of June was a record $415,985, a gain of 25.1% from June 2021. So inventory increases and sales slowdowns have not yet had much of an impact on the price of houses.