Disclaimer: The following blog post presents an analysis of the real estate market in Prince Edward Island (PEI) for the first half of 2023. The data has been sourced from Realtor Keith MacLean at ReMax Charlottetown. Please note that the data provided is subject to change and may not reflect current market conditions.
The real estate market in Prince Edward Island (PEI) has been experiencing significant activity in the first half of 2023. The demand for properties on the island remains high, with various property types attracting both local and out-of-province buyers. In this analysis, we will focus on the pricing trends based on the listing status, type, and community of the properties.
1. Pricing Trends by Listing Status:
a. SOLD Listings: The data shows a wide range of sold properties, from vacant lots and cottages to single-family homes and acreages. The lowest sold price recorded in the first half of 2023 was $12,500 for a vacant lot in Murray Harbour, while the highest sold price was $850,000 for a single-family home in Orwell Cove. The average sold price for all properties combined stands at approximately $186,000.
b. ACTIVE Listings: The active listings in the market have diverse price points as well. The lowest active listing price is currently $18,500 for a vacant lot in Georgetown, while the highest active listing price is $499,000 for an industrial property in Rollo Bay. The average listing price for all active properties is approximately $109,000.
c. WITHDRAWN, CANCELLED, and EXPIRED Listings: While some listings were withdrawn, cancelled, or expired during the first half of the year, they also provide valuable insights into the pricing trends. The withdrawn, cancelled, and expired properties had varying price points, but the majority were in the lower to mid-range price brackets.
2. Pricing Trends by Property Type:
a. Single-Family Homes: Single-family homes have been highly sought after in the PEI real estate market. The average price for a single-family home is approximately $244,000, with prices ranging from $79,000 for a mobile/mini home in Chepstow to $850,000 for a luxury single-family home in Orwell Cove.
b. Vacant Lots: Vacant lots have seen considerable interest, especially in communities like Montague, Greenwich, and Murray River. The average price for a vacant lot is approximately $39,000, with prices ranging from $18,500 to $125,000.
c. Cottages / Recreational Properties: Cottages and recreational properties have also been in demand, particularly in waterfront communities. The average price for a cottage or recreational property is approximately $215,000, with prices ranging from $22,000 to $599,900.
d. Acreages: Acreages have attracted buyers looking for larger properties with open spaces. The average price for an acreage is approximately $155,000, with prices ranging from $20,000 to $439,000.
e. Mobile / Mini Homes: Mobile and mini homes have been popular choices for those seeking affordable housing options. The average price for a mobile/mini home is approximately $139,000, with prices ranging from $79,000 to $289,000.
f. Duplexes: Duplexes have seen moderate activity, with average prices around $350,000.
3. Pricing Trends by Community:
a. Montague: Montague has been a hot spot for real estate activity, with a mix of property types available. The average price for properties in Montague is approximately $206,000.
b. Souris: Souris has also experienced strong demand, especially for waterfront properties. The average price for properties in Souris is approximately $258,000.
c. Murray Harbour: Murray Harbour has attracted buyers looking for peaceful and scenic surroundings. The average price for properties in Murray Harbour is approximately $223,000.
d. Georgetown: Georgetown offers a charming coastal lifestyle, and the average price for properties in this community is approximately $196,000.
e. Belle River: Belle River, known for its stunning landscapes, has an average property price of approximately $186,000.
f. St. Peter’s Harbour: St. Peter’s Harbour, with its beautiful coastal views, has an average property price of approximately $168,000.
The first half of 2023 has been marked by robust activity in the PEI real estate market. Various property types and communities have seen strong demand, leading to an overall upward trend in pricing. The average property price for all types combined is approximately $186,000, showcasing the diverse and affordable options available to potential buyers. As the year progresses, it will be interesting to see how these pricing trends evolve, and whether the market continues to thrive. For individuals interested in buying or selling properties in PEI, seeking the guidance of a local real estate expert, such as Realtor Keith MacLean at ReMax Charlottetown, can prove invaluable in navigating this dynamic market.