February PEI Housing Sales Stats

The number of homes sold through the MLS® System of the Prince Edward Island
Real Estate Association totaled 101 units in February 2023, down by 35.7% from
February 2022.
Home sales were 18.9% below the five-year average and 10.9% below the 10-year
average for the month of February.
On a year-to-date basis, home sales totaled 194 units over the first two months of
the year. This was a sharp decrease of 37.4% from the same period in 2022.
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is
possible using average or median price measures. The overall MLS® HPI
composite/single-family benchmark price was $341,800 in February 2023, up
modestly by 3.7% compared to February 2022.
The average price of homes sold in February 2023 was $377,342, up by 6.3% from
February 2022.
The more comprehensive year-to-date average price was $372,215, an increase of
5.1% from the first two months of 2022.
The dollar value of all home sales in February 2023 was $38.1 million, a large decline
of 31.6% from the same month in 2022.
The number of new listings fell 12.9% from February 2022. There were 183 new
residential listings in February 2023.
New listings were 3.7% above the five-year average and 0.2% above the 10-year
average for the month of February.
Active residential listings numbered 739 units on the market at the end of February,
an advance of 65.3% from the end of February 2022. Active listings haven’t been
this high in the month of February in five years.
Active listings were 22.3% above the five-year average and 26.3% below the 10-
year average for the month of February.
Months of inventory numbered 7.3 at the end of February 2023, up from the 2.8
months recorded at the end of February 2022 and below the long-run average of 9.9
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