Prince Edward Island Real Estate Association

Prince Edward Island home sales up year-over-year in December

Residential property sales numbered 105 units in December 2019. This was up 4% (four sales) from December 2018 and was the second highest December sales figure in the last 18 years.

On an annual basis, home sales totalled 1,914 units in 2019. This was down 7.3% from the same period in 2018 but was still among the better annual sales figures ever in the province.

The average price of homes sold in December 2019 was $252,693, jumping 16.4% from December 2018.

The more comprehensive annual average price for 2019 was $238,500, up 12.4% from 2018.

There were 98 new residential listings in December 2019, an increase of 28.9% on a year-over-year basis from a low reading in December 2018.

Overall supply has trended sharply lower over the last four years to reach the lowest levels since 2003. Active residential listings numbered 653 units at the end of December, a decrease of 13.4% from the end of December 2018.

There were 6.2 months of inventory at the end of December 2019, down from the 7.5 months recorded at the end of December 2018 and also a 16-year 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 December 2019 was $26.5 million, rising 21% from the same month in 2018. This was a new record for the month of December.


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
Greg Lipton