2024 marks solid year for MLS® home sales on Prince Edward Island
The number of homes sold through the MLS® System of the Prince Edward Island Real Estate Association totaled 119 units in December 2024. This was up by 12.3% (13 sales) from December 2023.
Home sales were 2.1% below the five-year average and 2.8% above the 10-year average for the month of December.
On an annual basis, home sales totaled 2,028 units over the course of 2024. This was an increase of 8.7% from 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 $370,300 in December 2024, a moderate gain of 4.7% compared to December 2023.
The average price of homes sold in December 2024 was $404,741, a sizable gain of 13.4% from December 2023.
The more comprehensive annual average price was $389,428, increasing by 2% from all of 2023.
The dollar value of all home sales in December 2024 was $48.2 million, a gain of 27.4% from the same month in 2023.
The number of new listings was up modestly by 3.7% (four listings) from December 2023. There were 113 new residential listings in December 2024.
New listings were 8% below the five-year average and 2% below the 10-year average for the month of December.
Active residential listings numbered 848 units on the market at the end of December, a minor increase of 1.2% (10 listings) from the end of December 2023. Active listings haven’t been this high in the month of December in more than five years.
Active listings were 21.5% above the five-year average and 3.8% below the 10-year average for the month of December.
Months of inventory numbered 7.1 at the end of December 2024, down from the 7.9 months recorded at the end of December 2023 and below the long-run average of 8.1 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.
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
Tim Jackson
