Prince Edward Island home sales remain above average in October
Residential property sales numbered 199 units in October 2020. This edged up 3.1% (six sales) from October 2019 and came in above both the five and 10-year average for this month. This was also tied with 2002 for the second-best October on record.
On a year-to-date basis, home sales totalled 1,771 units over the first 10 months of the year. This was up 5.5% from the same period 2019.
The average price of homes sold in October 2020 was a record $298,668, advancing 19.6% from October 2019.
The more comprehensive year-to-date average price was $277,245, rising 17.4% from the first 10 months of 2019.
There were 244 new residential listings in October 2020. This edged up 3.8% (nine listings) on a year-over-year basis. This was the largest number of new listings added in the month of October in five years.
Overall supply continues trending at levels not seen in over 15 years. Active residential listings numbered 661 units at the end of October. This was a large decline of 30.5% from the end of October 2019.
There were 3.3 months of inventory at the end of October 2020, down from the 4.9 months recorded at the end of October 2019 and below the long-run average of 9.7 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.
The total dollar value of all residential home sales in October 2020 was $59.4 million, rising 23.3% from the same month in 2019. This was also a new record for the month of October.
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
Tel: (902) 368-8451
Fax: (902) 894-9487