Residential sales numbered 97 units in January of this year basically the same as this time last year which was 95. This number was helped by the relatively good winter weather we had for the month. (Usually more snow means less activity in the PEI housing market, as Islanders like to stay home in the snowy months). Total dollar value of home sales for the month was $25.1 million which was up much more (25.8%!) from last year, a new record for the month of January.
New Listings & Supply 🏡
177 New residential listings came on the market in the month up by a few (7 listings) from last year. We’re now up to a 5 year run of supply trending lower despite a slowdown in the high price end of the market. Active residential listings numbered just 662 homes at the end of January, the lowest level in 15 years and down 7% from last Jan. A related statistic is Months of Inventory, which is the time it would take to sell all homes on sale at the moment if it continued at the current pace. As of the end of last month that number stood at 6.8 months, less than half the 10-year average of ~15 months.
Average Home Price 🏡
The average home price in PEI in January stood at $259,122 up a rather large 23.2% from last year in January. This rise is still being driven by high demand and low supply even though the high end of the market has slowed down.
See you next month!
*All data from CREA & the PEIREA: Source: https://creastats.crea.ca/board/peia