Hello folks, it’s June and we’re getting well into the summer market! The stats are out for May as well now, and we’re starting to get a clearer picture of what things might look like for the season. Prices are remaining incredibly steady as they have since last fall, neither up nor down by anything more than small amounts, and there are signs this year could end up busier than 2022 in the end with more inventory but also more sales.
Home Sales & New Listings 🏡
The number of homes sold through the MLS® System of the Prince Edward Island Real Estate Association totalled 212 units in May 2023. This was an increase of 13.4% from May 2022.
The number of new listings saw a substantial decrease of 18.6% from May 2022. There were 338 new residential listings in May 2023.
New listings were 5.1% below the five-year average and 18.5% below the 10-year average for the month of May. This metric is working out as a solid average now.
Active Listings & Months of Inventory 🏡
Active residential listings numbered 819 units on the market at the end of May, a jump of 31.5% from the end of May 2022.
Active listings were 12% above the five-year average and 32.2% below the 10-year average for the month of May.
Months of inventory numbered 3.9 at the end of May 2023, up from the 3.3 months recorded at the end of May 2022 and below the long-run average of 6.9 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.
The trend toward a bit more inventory seems to be continuing but as you can see from the charts below inventory is still 1/3 of historic highs in the mid 20-teens.
Average Price 🏡
Last but not least the average price of a home on PEI in May was $379,924. A slight drop from last year at this time of 6.8% but if you look at the monthly trend the price has only changed marginally since last fall. See you next month!