Prince Edward Island home sales post solid start to 2020 as supply continues to dry up
Residential property sales numbered 97 units in January 2020. This edged up 2.1% (two sales) from the record January in 2019.
The average price of homes sold in January 2020 was a record $259,122, jumping 23.2% from January 2019.
There were 177 new residential listings in January 2020, up 4.1% (seven listings) on a year-over-year basis.
By contrast, overall supply has trended sharply lower over the last five years to reach the lowest levels in over 15 years. Active residential listings numbered just 662 units at the end of January, down 7% from the end of January 2019.
There were 6.8 months of inventory at the end of January 2020, down from the 7.5 months recorded at the end of January 2019 and less than half the 10-year average of 15.1 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.
The total dollar value of all residential home sales in January 2020 was $25.1 million, rising 25.8% from the same month in 2019. This was a new record for the month of January.
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.
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