We’re well into fall now folks, and the PEI real estate market remains in quite a balanced position.
Home Sales & New Listings 🏡
The number of homes sold through the MLS® System of the Prince Edward Island REA totalled 150 units in October 2023. This was a decrease of 6.3% (10 sales) from October 2022, not a big change there.
On a year-to-date basis, home sales were 1,621 units over the first 10 months of the year. This was a moderate decrease of 5.8% from the same period in 2022.
The number of new listings rose 18% from October 2022. There were 275 new residential listings in Oct 2023. New listings were 6.7% above the five-year average and 9.9% above the 10-year average for the month of October.
Active Listings & Months of Inventory 🏡
Active residential listings numbered 1,030 units on the market at the end of October, a gain of 12.2% from the end of October 2022. Active listings haven’t been this high in the month of October in more than five years. Active listings were 19.7% above the five-year average and 16.6% below the 10- year average for the month. More inventory seems to be coming online all the time!
Months of inventory numbered 6.9 at the end of October 2023, up from the 5.7 recorded at the end of October 2022 and above the long-run average of 6.8 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 🏡
Last but not least the average price in October was $380,961 a change of only $2000 from last month. The average price on PEI hasn’t moved significantly since last fall, as the market has remained very balanced!