July is here and so is the summer market. Inventory is increasing compared to the last month and year, but sales activity remains very stable and steady & the balanced market we’ve seen since last fall seems to be continuing on Prince Edward Island.
Home Sales & New Listings 🏡
The number of homes sold through the MLS® System of the Prince Edward Island Real Estate Association totalled 209 units in June 2023. This increased by 3% (six sales) from June 2022. As you can see from the chart below this is historically incredibly stable for the month.
On a year-to-date basis, home sales totalled 891 units over the first six months of the year.
The number of new listings decreased by 5.9% from June 2022. There were 402 new residential listings in June 2023. Slightly higher than last year but again as you see from the chart below very historically stable at this point.
Active Listings & Months of Inventory 🏡
Inventory overall keeps slowly climbing but it’s still quite low historically. Though one could say it’s also the new normal. Active residential listings numbered 927 units on the market at the end of June, a gain of 17.8% from the end of June 2022. Active listings were 11.4% above the five-year average and 29.5% below the 10- year average for the month of June.
Months of inventory numbered 4.4 at the end of June 2023, up from the 3.9 months recorded at the end of June 2022 and below the long-run average of 6.7 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 🏡
Last but not least the average price of a home on PEI in June was $380,113. This is unchanged from last month when it was also $380K. And this number has changed very little since last September on the Island. Sign of a balanced market and steady sales. Interest rates rose again yesterday so we’ll see if that has any impact on the market overall in the coming months!
