Welcome to the second last stats report of what has been a crazy year. We’ll start with sales activity for the month: 177 homes were sold in November making it an above average month for sales. ⬆️ 32% from last Nov and keeping with the strong demand we’ve seen in the time since even before the pandemic started. To date this year 1,972 homes have been sold on PEI. This is also an almost 9% increase from 2019.
New Listings for November came in at an even 200 which is about on par for the 10 year average on the month, which is good because supply continues to be strained and many reports nationally have said unmet demand for this year is likely to carry over into 2021. There were 157 new home listings Nov 2019.
As with the rest of the year supply remains incredibly low. As of the end of November there were 589 homes for sale on PEI. As you can see from the chart below, 5 years ago in 2015 there were 1,923. It’s also down from last months 661. Supply continues to tighten as we head into winter, a traditionally slow time for the real estate market especially on the listing side of things. Expect the supply to continue to be very tight into the early months of 2021. And on a related note: there’s only 3.3 months of inventory remaining as of the end of the month too. That’s the amount of time it would take at current rates to sell through those 589 listings.
The average home price on PEI in November was $309,031. The first time ever over $300k. That’s up 21.2% from last Nov and up from the $298,668 last month.
See you next month for some end of the year analysis.