Prince Edward Island Real Estate Association reports third highest February MLS® home sales total on record
The number of homes sold through the MLS® System of the Prince Edward Island Real Estate Association totaled 126 units in February 2025. This was a gain of 9.6% (11 sales) from February 2024.
Home sales were 2.3% below the five-year average and 4.6% above the 10-year average for the month of February.
On a year-to-date basis, home sales totaled 237 units over the first two months of the year, up by 8.2% from the same period in 2024.
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 $361,800 in February 2025, a minor increase of 1.6% compared to February 2024.
The average price of homes sold in February 2025 was $373,993, a decrease of 6.2% from February 2024.
The more comprehensive year-to-date average price was $374,875, a small reduction of 3.6% from the first two months of 2024.
The dollar value of all home sales in February 2025 was $47.1 million, increasing by 2.8% from the same month in 2024.
The number of new listings rose 13.8% from February 2024. There were 231 new residential listings in February 2025. This was the largest number of new listings added in the month of February in more than 15 years.
New listings were 17.9% above the five-year average and 23.3% above the 10-year average for the month of February.
Active residential listings numbered 908 units on the market at the end of February, up by 9.5% from the end of February 2024. Active listings haven’t been this high in the month of February in more than five years.
Active listings were 35.9% above the five-year average and 8.3% above the 10-year average for the month of February.
Months of inventory numbered 7.2 at the end of February 2025, unchanged from the 7.2 months recorded at the end of February 2024 and on par with the long-run average of 7.2 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
