Home Sales & New Listings 🏡
September overall saw a large drop in home sales, but the average price has not changed overall despite a move to a more balanced market. 139 Homes were sold on PEI in September. This was a sharp decrease of 31.5% from September 2021. Home sales were 30.6% below the five-year average and 27.9% below the 10-year average for the month of September. On a year-to-date basis, home sales totaled 1,566 units over the first nine months of the year, down 14.9% from the same period in 2021.
The number of new listings decreased by 25.8% from September 2021. There were 247 new residential listings in September 2022. This was the lowest number of new listings added in the month of September in a decade. New listings were 11% below the five-year average and 13.9% below the 10-year average.
Active Listings & Months of Inventory 🏡
Active residential listings numbered 953 units on the market at the end of the month, up by 22.5% from the end of September last year. Inventory has increased steadily this year and now stands significantly higher than the past couple of years has been. Active listings were 3.5% above the five-year average and 33.6% below the 10-year average for the month.
Months of inventory numbered 6.9 at the end of September 2022, up from the 3.8 months recorded at the end of September 2021 and below the long-run average of 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 🏡
Finally the average price of a home on PEI in September stood at $393,940.
See you next month!