Prince Edward Island average price sets new record for the fifth consecutive month
The number of homes sold through the MLS® System of the Prince Edward Island Real Estate Association totaled 177 units in November 2020; this was a large increase of 32.1% from November 2019. Residential sales haven't hit this level in the month of November in more than 15 years.
On a year-to-date basis, home sales totaled 1,972 units over the first 11 months of the year. This was up 8.8% from the same period in 2019.
The average price of homes sold in November 2020 was a record $309,031, rising 21.2% from November 2019. This was a new all-time record and was the first time that the average price of resale homes sold on the island crossed the $300K mark.
The more comprehensive year-to-date average price was $280,628, up 18.1% from the first 11 months of 2019.
The dollar value of all home sales in November 2020 was $54.7 million, a large increase of 60% from the same month in 2019. This was also a new record for the month of November.
There were 200 new residential listings in November 2020. This was an increase of 27.4% from the end of November 2019.
Active residential listings numbered 589 units at the end of November. This was down 29.6% from the end of November 2019. Overall inventories have not been at this level since 2004.
Months of inventory numbered 3.3 at the end of November 2020, down from the 6.2 months recorded at the end of November 2019 and below the long-run average of 11.8 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