Prince Edward Island Real Estate Association MLS® home sales start 2021 with yet another monthly record
The number of homes sold through the MLS® System of the Prince Edward Island Real Estate Association totaled 134 units in January 2021. Increasing 20.7% from January 2020 and was a new sales record for the month of January.
The average price of homes sold in January 2021 was $300,538, rising 14.8% from January 2020.
The dollar value of all home sales in January 2021 was $40.3 million, a large gain of 38.6% from the same month in 2020. This was also a new record for the month of January.
There were 145 new residential listings in January 2021. This was a decrease of 18.5% from the end of January 2020. This was the lowest number of new listings added in the month of January in more than 15 years.
Active residential listings numbered 469 units at the end of January. This was down 29.8% from the end of January 2020. Active listings have declined to levels not seen since 2005.
Months of inventory numbered 3.5 at the end of January 2021, down from the 6 months recorded at the end of January 2020 and below the long-run average of 14.2 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