In May home sales on Prince Edward Island slowed slightly by 8.4% to 194 homes. This is exactly the same amount as in April an interesting coincidence. In terms of new listings they are up pretty significantly from 2021 at 16.4% to 412. This is also up from last month when only 265 new listings arrived on the market.
Active Listings & Months of Inventory 🏡
As far as active listings they have climbed (albeit slightly) in May for the first time in many years. As of the end of May 612 home listings were available on PEI. This is an increase of 14.4% from 2021 and up from 443 at the end of last month, a healthy increase. Might be a sign that the market is starting a trend of stabilizing after many years of decreasing inventory.
Related to this the “Months of Inventory” number has also increased slightly to 3.2 months, in other words it would take about 3 months to sell the 612 listings that are available.
Average Price 🏡
Finally the average price of a home on Prince Edward Island at the end of May was $405,686, up 21% from last year, but down slightly from last month.