Prices continue to climb as MLS® home sales in Prince Edward Island set new monthly record in March
The number of homes sold through the MLS® System of the Prince Edward Island Real Estate Association totaled 189 units in March 2021. This was an advance of 81.7% from March 2020 and was also a new sales record for the month of March.
On a year-to-date basis, home sales totaled a record 496 units over the first three months of the year. This was up sharply by 50.3% from the same period in 2020.
The average price of homes sold in March 2021 was a record $330,121, an increase of 21.9% from March 2020.
The more comprehensive year-to-date average price was $320,917, a gain of 19.2% from the first three months of 2020.
The dollar value of all home sales in March 2021 was $62.4 million, more than double the levels from a year earlier, rocketing up 121.5% from the same month in 2020. This was also a new record for the month of March.
The number of new listings advanced 63.1% from March 2020. There were 243 new residential listings in March 2021.
Active residential listings numbered 428 units at the end of March, down sharply by 36.4% from the end of March 2020. Active listings haven't been this low in the month of March in more than 15 years.
Months of inventory numbered 2.3 at the end of March 2021, down from the 6.5 months recorded at the end of March 2020 and below the long-run average of 11 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
Tel: (902) 368-8451
Fax: (902) 894-9487