We are entering the fall market for PEI Real Estate. Average prices continue to remain stable as we remain in a very balanced market. Sales and new listings both quite a bit ahead of last year.
Home Sales & New Listings 🏡
The number of homes sold through the MLS® System of the Prince Edward Island Real Estate Association totalled 179 units in September 2023. This was a jump of 30.7% from September 2022. Home sales were 10% below the five-year average and 8.8% below the 10-year average for the month of September. This is a pretty large jump from this time last year, quite a surprise given the difference in interest rates in the last 12 months.
On a year-to-date basis, home sales totalled 1,471 units over the first nine months of the year. This decreased by 5.7% from the same period in 2022.
The number of new listings saw a sizable gain of 26.1% from September 2022. There were 309 new residential listings in Sept this year.
New listings were 7.3% above the five-year average and 6.5% above the 10-year average for the month.
Active residential listings numbered 1,039 units on the market at the end of September, increasing by 6.7% from the end of September 2022. Active listings haven’t been this high in the month of September in five years.
Active listings were 14.4% above the five-year average and 22% below the 10-year average for the month of September.
Months of inventory numbered 5.8 at the end of September 2023, down from the 7.1 months recorded at the end of September 2022 and below the long-run average of 7.1 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 Prince Edward Island in September was $382,283. Down only slightly (3.8%) from last year.
See you next month!