Prince Edward Island home sales post huge rebound in June, led by accompanying rebound in new listings
Residential property sales numbered 197 units in June 2020. This was down 5.7% (12 sales) from June 2019 but still came in at average levels for this time of year.
On a year-to-date basis, home sales totalled 739 units over the first six months of the year. This was a decrease of 14.8% from the same period in 2019.
The average price of homes sold in June 2020 was $254,510, up 5.8% from June 2019.
The more comprehensive year-to-date average price was $261,535, rising 12.1% from the first six months of 2019.
There were 330 new residential listings in June 2020. This was down 8.8% on a year-over-year basis.
Overall supply appears to have bottomed out after trending lower for the past four years. Active residential listings numbered 762 units at the end of June. This was down 28% from the end of June 2019.
There were 3.9 months of inventory at the end of June 2020, down from the 5.1 months recorded at the end of June 2019 and below the long-run average of 9.3 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 June 2020 was $50.1 million; this was little changed, down only 0.3% from the same month in 2019 and marked the second best June on record behind last year.
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