Prince Edward Island home sales up year-over-year in February
Residential property sales numbered 110 units in February 2020. This was an increase of 13.4% (13 sales) from the record February in 2019.
On a year-to-date basis, home sales totalled 217 units over the first two months of the year, up a similar 13% from the same period in 2019.
The average price of homes sold in February 2020 was a record $295,565, surging 33.3% from February 2019.
The more comprehensive year-to-date average price was $276,942, rising 28.2% from the first two months of 2019.
There were 174 new residential listings in February 2020. This was an increase of 13.7% on a year-over-year basis.
By contrast, overall supply has trended sharply lower over the last four years to reach the lowest levels in over 15 years. Active residential listings numbered 669 units at the end of February, down 6.4% from the end of February 2019.
There were 6.1 months of inventory at the end of February 2020, down from the 7.4 months recorded at the end of February 2019 and close to a record low 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 February 2020 was $32.5 million, a large 51.1% increase from the same month in 2019. This was a new record for the month of February.
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