Prince Edward Island home sales remain at near-record levels as new listings continue to rise
Residential property sales numbered 227 units in July 2020. This edged up 3.2% (seven sales) from July 2019 and was just one sale shy of the July record from 2017.
On a year-to-date basis, home sales totalled 991 units over the first seven months of the year. This was down 8.8% from the same period in 2019.
The average price of homes sold in July 2020 was a record $274,630, rising 16.1% from July 2019.
The more comprehensive year-to-date average price was $265,675, rising 13.6% from the first seven months of 2019.
There were 341 new residential listings in July 2020. This was little changed, up only 0.3% (one listing) on a year-over-year basis but continues to rise from the depths reached earlier in the year in April.
Overall supply appears to have bottomed out after trending lower for the past four years. Active residential listings numbered 785 units at the end of July. This was down 26.4% from the end of July 2019.
There were 3.5 months of inventory at the end of July 2020, down from the 4.8 months recorded at the end of July 2019 and below the long-run average of 9.6 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 July 2020 was $62.3 million, rising 19.8% from the same month in 2019. This was a new record for the month of July and was also the largest dollar value of homes sold for any month in history.
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