Prince Edward Island Real Estate Association reports stable MLS® home sales in September
The number of homes sold through the MLS® System of the Prince Edward Island Real Estate Association totaled 195 units in September 2024. This was a moderate gain of 9.6% from September 2023.
Home sales were 1.2% below the five-year average and 1.3% below the 10-year average for the month of September.
On a year-to-date basis, home sales totaled 1,526 units over the first nine months of the year. This increased by 4.5% from the same period in 2023.
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 $372,200 in September 2024, essentially unchanged, up just 0.3% compared to September 2023.
The average price of homes sold in September 2024 was $387,436, a modest gain of 1.4% from September 2023.
The more comprehensive year-to-date average price was $386,088, nearly unchanged, up only 0.3% from the first nine months of 2023.
The dollar value of all home sales in September 2024 was $75.5 million, an increase of 11.1% from the same month in 2023.
The number of new listings saw a slight reduction of 0.7% (two listings) from September 2023. There were 301 new residential listings in September 2024.
New listings were 1.8% above the five-year average and 5.5% above the 10-year average for the month of September.
Active residential listings numbered 1,266 units on the market at the end of September, increasing by 21% from the end of September 2023. Active listings haven’t been this high in the month of September in more than five years.
Active listings were 33.3% above the five-year average and 3.9% above the 10-year average for the month of September.
Months of inventory numbered 6.5 at the end of September 2024, up from the 5.9 months recorded at the end of September 2023 and above the long-run average of 6.4 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
