There were 187 homes sold in PEI in October, this was down 16.5% from last year which saw a record month but still remains the 3rd best October on record for home sales on PEI. The first 10 months of 2019 have seen 1,673 homes sold which is down from 2018 also but shows a continuing lack of supply overall rather than other factors. The total dollar value of all residential home sales in October 2019 was $46.6 million, edging up 3.6% from the same month in 2018. This was a new record for the month of October.
By the end of October there were 914 homes for sale on the Island – down 8% from last year at the end of Oct. Supply overall remains at levels not seen since 2003 but this long running situation of supply may be showing signs of finally bottoming out.
There were 227 new homes listed in October which showed a small drop of 5% (12 listings) from last year and pretty much on average for October historically. Hopefully as more construction happens throughout PEI over the coming year this problem of supply will start to fade.
Months of Inventory
The “Months of inventory” which is the amount of time it would take for all existing (914) homes for sale on PEI to get sold if nothing else new came on the market stood at 4.9 months at the end of Oct. This is up a tiny bit from last year but far below the long term average.
Average Home Price
So, as of the end of October the average home price on PEI is $249,325. This is up 24.1% from last October. The more comprehensive year-to-date average price was $235,898, up 12% from the first 10 months of 2018, this is a more accurate reading of the average price increase.