Prince Edward Island Real Estate Association

Prince Edward Island continues to set new records in the month of September

Residential property sales numbered 239 units in September 2020, was an increase of 24.5% from September 2019. This was also a new sales record for the month of September.

On a year-to-date basis, home sales totalled 1,555 units over the first nine months of the year. This was up 4.6% from the same period 2019.

The average price of homes sold in September 2020 was a record $297,290, rising 18.1% from September 2019.

The more comprehensive year-to-date average price was $274,619, advancing 17.2% from the first nine months of 2019.

There were 294 new residential listings in September 2020. This was an increase of 14.8% on a year-over-year basis.

Overall supply continues to trend at historically low levels. Active residential listings numbered 711 units at the end of September. This was a large decline of 30.6% from the end of September 2019.

There were 3 months of inventory at the end of September 2020, down from the 5.3 months recorded at the end of September 2019 and below the long-run average of 9.8 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 September 2020 was $71.1 million, a large increase of 47% from the same month in 2019. This was also a new record for the month of September.

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.


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PRINCE EDWARD ISLAND REAL ESTATE ASSOCIATION

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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

President
Wayne Ellis