Residential sales totalled 110 homes in February. An increase of 13% (13 sales!) from our record Feb last year, bringing total sales for 2020 to 217 homes. So a pretty good month overall as far as PEI goes. Total dollar value of all homes sales the month was $32.5 Million. This was a large 51% increase over the same month last year (and a new record), so some expensive real estate changed hands during the period!
New Listings & Supply 🏡
There were 174 new listings added to the PEI MLSⓇ System in February another 13% increase from last year but certainly not enough to stave off supply problems that continued throughout the real estate market. Over the last 4 years supply of listings on PEI has been the lowest since 2004. At the end of the month there were 669 homes for sale in the province total down 6.4% from last year and leaving us with about 6.1 months of supply left. In other words if no new listings were to appear in 6 months or so there’d be nothing left for sale 😶 Crazy! This is a way below average number.
Average Home Price 🏡
Talking average home price: the average price of homes sold in February was $295,565. Certainly a PEI record. Up 33.3% from this time last year. For all of 2020 the average has been $276,972 so far.
March will be the first month we will see the impact of the COVID-19 global crisis which will mostly likely slow the real estate market (as well as the entire economy) significantly for at least a couple of months. Stay tuned!
*All data courtesy CREA & PEIREA: https://creastats.crea.ca/board/peia