Home Sales & New Listings 🏡
This is going to be an interesting year in real estate on the Island. The spring market is gathering steam and sales are picking up again. Inventory is still low, and prices are remaining stubbornly stable as far as average home prices go. Overall things seem quite balanced right now as we come out of the last “Winter” month officially.
The number of homes sold through the MLS® System of the Prince Edward Island Real Estate Association totalled 132 units in March 2023, declining by 28.3% from March 2022.
Home sales were 10.4% below the five-year average and 0.7% below the 10-year average for the month of March.
The number of new listings saw a small gain of 2.8% (six listings) from March 2022. There were 224 new residential listings in March 2023.
Active Listings & Months of Inventory 🏡
Active residential listings numbered 754 units on the market at the end of March, a substantial gain of 77% from the end of March 2022. That’s a pretty large increase year over year but monthly though the change was very small, last month there were 739 listings on the market.
Months of inventory numbered 5.7 at the end of March 2023, up from the 2.3 months recorded at the end of March 2022 and below the long-run average of 9.4 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 🏡
And finally the average price of homes sold in March 2023 was $401,940, a marginal decline of 2.7% from March 2022.
See you next month!