The number of homes sold through the MLS® System of the Prince Edward Island Real Estate Association totaled 161 units in October 2022. A decline of 22.6% from October 2021.
Home sales were 19.9% below the five-year average and 12.9% below the 10-year average for the month of October. The dollar value of all home sales in October 2022 was $57.6 million, falling 25.1% from the same month in 2021.
The number of new listings was down by 18% from October 2021. There were 232 new residential listings in October 2022. This was the lowest number of new listings added in the month of October in five years.
Active Listings & Months of Inventory 🏡
Active residential listings numbered 896 units on the market at the end of October, an increase of 22.7% from the end of October 2021.
Active listings were 4.8% above the five-year average and 32.3% below the 10-year average for the month of October.
Months of inventory numbered 5.6 at the end of October 2022, up from the 3.5 months recorded at the end of October 2021 and below the long-run average of 7.8 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 🏡
The average price of homes sold in October 2022 was $357,521, a small reduction of 3.2% from October 2021.
The more comprehensive year-to-date average price was $390,765, increasing by 14.6% from the first 10 months of 2021.