Prince Edward Island MLS® home sales jump to highest monthly total since August 2021
The number of homes sold through the MLS® System of the Prince Edward Island Real Estate Association totaled 215 units in August 2023. This was a gain of 13.8% from August 2022.
Home sales were 5.7% below the five-year average and 3.6% below the 10-year average for the month of August.
On a year-to-date basis, home sales totaled 1,300 units over the first eight months of the year. This was down by 8.6% from the same period in 2022.
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite/single-family benchmark price was $367,400 in August 2023, unchanged compared to August 2022.
The average price of homes sold in August 2023 was $390,876, a minor increase of 1.7% from August 2022.
The more comprehensive year-to-date average price was $386,835, a small reduction of 1.8% from the first eight months of 2022.
The dollar value of all home sales in August 2023 was $84 million, increasing by 15.7% from the same month in 2022. This was also a new record for the month of August.
The number of new listings saw a gain of 10.5% from August 2022. There were 358 new residential listings in August 2023. This was the largest number of new listings added in the month of August in more than five years.
New listings were 3.7% above the five-year average and 5.5% above the 10-year average for the month of August.
Active residential listings numbered 1,041 units on the market at the end of August, up by 8.1% from the end of August 2022.
Active listings were 12.8% above the five-year average and 24.5% below the 10-year average for the month of August.
Months of inventory numbered 4.8 at the end of August 2023, down from the 5.1 months recorded at the end of August 2022 and below the long-run average of 6.7 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.
BOARD & ASSOCIATION INFORMATION
The Prince Edward Island Real Estate Association (PEIREA) was incorporated in 1964 under the name of the PEI Real Estate Brokers Association. In 1975, the name of the organization was changed to the PEI Real Estate Association. The Association is governed by a Board of Directors which consists of twelve REALTORS® and the Association's Executive Officer.
All Members of the Association are also members in good standing of the Canadian Real Estate Association and are specifically trained to help buyers and sellers with all their real estate needs. They adhere to the REALTOR® Code of Ethics and conduct their business in accordance with the Standards of Business Practice as adopted by the Canadian Real Estate Association.
PRINCE EDWARD ISLAND REAL ESTATE ASSOCIATION
For more information, please contact:
Prince Edward Island Real Estate Association
75 St. Peter's Road
Charlottetown, PE
C1A 5N7
Tel: (902) 368-8451
Fax: (902) 894-9487
office@peirea.com
James Marjerrison
