The number of homes sold through the MLS® System of the Prince Edward Island Real Estate Association totalled 180 units in November 2022. This was a decline of 13% from November 2021. HOWEVER this was up from October by 20 units, reflecting a national trend where home sales have started to increase in Sept/October in Canada after a slower summer. Plus home sales were 4.7% above the five-year average and 19% above the 10-year average for the month of November.
New listings year over year were almost identical: one less listing this November in PEI! And similar to sales, up slightly from last month on PEI by 11 (243 in Nov, 232 in October)
Active residential listings numbered 836 units on the market at the end of November, a gain of 27.4% from the end of November 2021. The growing inventory is leading to a far more balanced market between buyers and sellers these days on PEI. However if you look below at the historic charts you can see how far below we were only as recently as 2016.
Months of inventory numbered 4.6 at the end of November 2022, up from the 3.2 months recorded at the end of November 2021 and below the long-run average of 9.2 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 🏡
The average price of homes sold in November 2022 was $358,492, up modestly by 3.5% from November 2021. While prices have dropped they’re definitely showing signs of stabilizing at a new normal average for PEI. This average is only $1K difference from last month on the Island.
The more comprehensive year-to-date average price was $387,880, an increase of 13.6% from the first 11 months of 2021. See you next month! Have a great holiday!