Home Sales & New Listings 🏡
Hi again folks, we’re back with March PEI Real Estate Statistics. It’s been incredibly busy for 2021 so far. Traditionally the winter months are the slowest time for real estate markets in Canada and PEI is no exception, but not this year. Very strong local demand combined with interest from off-Island buyers has led to a continued strong market as buyers pick up almost everything new coming onto the market as soon as it arrives. This isn’t just true of Charlottetown/Stratford either, this trend is being seen across the Island from east to west.
Home sales in March this year numbered 189 units. Very strong numbers compared to anything the last 10 years, but especially high compared to last March, when the pandemic was beginning and the economy as a whole was slowing to a crawl. New listings last March started a 3 month collapse as uncertainty around the pandemic led to people not selling or delaying. All comparisons of sales and listings to last March should bear that in mind.
New listings stood at 243 this March. A little below average as you can see from the chart below but not too bad.
Active Listings & Months of Inventory 🏡
Only 428 active residential listings remained on PEI by the end of March. A record low for the last 10 years and most likely a record low of all time. As you can see from the chart below the trend for the last several years has been to leave the mid-high thousands level of homes available and arrive at today’s very low inventory. This is the major driver of home prices currently.
By the same token taking into account how fast things are selling it would only take about 2.6 months to sell everything we have available at the moment! Incredible.
Average Price 🏡
And last but not least the average home price on Prince Edward Island is now at $330,121. See you next month! 📈
*All data and statistics courtesy the PEIREA & CREA.