Another month is over in 2021 so we have some new statistics for you for Prince Edward Island real estate. 200 homes were sold in May in PEI, up significantly from this time last year when the pandemic was still having a very strong impact on the province and the market in general and only 133 homes were sold. This is more on average as you can see below for this time of year. Similarly, new listings saw a jump from last may again, because of the effects of Covid last year. 351 new homes were listed in May, up from 258 but still below the 10 year average.
As of the end of May there were 530 home listings active on PEI. This is down from 694 last year and continues a steady downward trend over the last 6 years. In 2015 there were 2,104(!) homes up for sale on PEI this time of year, which is quite incredible to think about. Normally there are 4 times as many homes for buyers to choose from. Supply levels remain the top driver of higher prices on the Island, though building materials are becoming more and more expensive due to shortages in that industry also. Related to the active listings stats is the “Months of Inventory” number. This is simply the amount of time we estimate those 530 homes would take to sell if nothing else came on the market as of today. That number as you can see is a record low of 2.7 months. Well below the heights of 2014-15 when it would have taken over a year to sell all inventory.
And last but not least the average home price on Prince Edward Island in May 2021 was $334,178. We now are consistently above the 300K mark for average home prices as the supply has tightened and building materials have increased in price. This is up 25.2% over last May when the average was $264,787.