It’s been a strange year to say the least. For now though, it seems as far as housing sales go things have returned to normal, June was even a little bit above average if you look at the last 10 years. Other aspects of the market are quite different as explained below but for now sales are moving along well after the crash in April & slight recovery in May. 197 homes were sold in PEI in June, that’s down a bit from last year’s 209 but still above average! 2020 has seen 739 Units sold in total. Covid of course has been a big part of those numbers.
Speaking of which new listings in June numbered 330. That is a pretty substantial drop below average, down 8.8% from last year. And as you can see from the chart below a trend that is setting a new average. Listing inventory is very low.
Active Listings & Months of Inventory 🏡
As of the end of June there were 762 residential listings for sale in PEI. This was down a whopping 28% from 2019 at this time, and below HALF the average number of listings for this time of year, (we should be somewhere 1500+). Related to this the months of inventory (the time it would take to sell everything that’s out there) is only 3.9 months. Covid has had a substantial impact on what was already an accelerating trend.
Average Price 🏡
Finally in June the average price of a home on PEI was $254,510: up about 5.8% from 2019. The year to date average has been $261,535. Despite Covid, prices are staying surprisingly steady.