We’re now a few months into 2022 and the patterns we’ve seen over the past couple of years are continuing. Inventory continues to drop and the average home price continues to rise as a result. Our latest data from March shows 188 homes were sold in the month. That’s down 11.7% from this time last year mostly due to the low inventory levels. At the same time 217 new listings were added in March which were also down about 11% from the previous year.
Active Listings & Months of Inventory 🏡
As inventory continues to drop we saw at the end of March only 419 homes were for sale on the PEI MLS® Listing System. As you can see from the chart below it’s amazing to think that in 2015 over 1700 listings were available. As a result the “Months of Inventory” number has dipped to 2.2 months: it would take just a bit more than 2 months to sell the remaining 419 listings if nothing new came on the market. Wow!
Average Price 🏡
Finally the average price of a home on Prince Edward Island in March was $414,295. Up 25% from last March.