According to the MLS® Statistical Report released by the Prince Edward Island Real Estate Association, there was an increase in home sales in April 2023. However, it is important to note that this was a decrease of 20.6% compared to April 2022, with home sales being 9.6% below the five-year average and 4.3% below the 10-year average for April.

From January to April 2023, there were a total of 475 units sold, which is down by 30.5% from the same period in 2022. The MLS® Home Price Index (HPI) indicated that the overall composite/single-family benchmark price was $339,000 in April 2023, a slight increase of 0.3% compared to April 2022.

The average price of homes sold in April 2023 was $380,096, which is a decrease of 7.1% from April 2022. The year-to-date average price was $383,081, representing a slight reduction of 0.6% from the first four months of 2022.

The total value of home sales in April 2023 was $57 million, which is a decline of 26.3% compared to the same month in 2022. The number of new listings also decreased by 5.6% from April 2022, with 251 new residential listings in April 2023.

Active residential listings numbered 786 units at the end of April, representing an increase of 72.7% from the end of April 2022. The number of months of inventory at the end of April 2023 was 5.2, up from 2.4 months in April 2022, but still below the long-run average of 7.9 months for this time of year.