It has been a busy summer in real estate on PEI! The summer months are the peak of the season when it comes to buying and selling in the province, as it is with most industries here & the just released housing statistics from CREA (The Canadian Real Estate Association) and PEIREA (Prince Edward Island Real Estate Assn) shed some light on how the market shaped up for June.
🏡 Residential Sales Activity & Average Price 🏘
Home sales totalled 198 units last month, almost the same as last year, down 4 units and quite a good June historically. To this point of the year there have been 856 homes sold on PEI which is down about 9% from last year. The average home price for June was $241,195: which is up a rather large 15% from last year. Demand is still strong though the market is showing some signs of stabilizing.
📈Overall Supply and New Listings🆕
There were 347 new home listings added to the PEI MLS in June: this was down a bit (3.6%) from last year and was a 9 year low for the month, continuing a trend fro the last several years of fewer listings appearing on the market even in the peak of the real estate season. This combined with overall supply being at its lowest levels in 16 years is making for a very tight market. This has been a constant theme of the last two years as supply has continued to drop below historical averages. Active residential listings in June on the MLS totalled 1040. Down 7.6% from last year.
This has meant the “Months of Inventory” has stayed quite low as well. The amount of time it would take for all listings to be sold on PEI if nothing new came on the market stood at 5.6 months. This is HALF the average it has been historically. 😮
For agents and their clients this kind of market has meant a lot of busy days with multiple offers on homes sometimes as they just come to market. While it can be a hectic time to buy a home using a real estate professional can help reduce your stress and make your home wishes come true! Contact us today!