Based on the MLS® Statistical Report from the Prince Edward Island Real Estate Association, the following key points can be observed:
- Home sales in March 2023 totaled 132 units, which is a decrease of 28.3% compared to March 2022.
- Year-to-date home sales for the first three months of 2023 totaled 326 units, a reduction of 34% from the same period in 2022.
- The MLS® Home Price Index (HPI) shows that the overall composite/single-family benchmark price was $334,900 in March 2023, down only 0.8% compared to March 2022, indicating a stable price trend.
- The average price of homes sold in March 2023 was $401,940, a marginal decline of 2.7% from March 2022.
- The year-to-date average price for the first three months of 2023 was $384,251, which is up modestly by 2.2% from the same period in 2022.
- The total dollar value of home sales in March 2023 was $53.1 million, a decline of 30.2% from the same month in 2022.
- The number of new listings in March 2023 increased slightly by 2.8% (six listings) compared to March 2022, with a total of 224 new residential listings.
- Active residential listings at the end of March 2023 numbered 754 units, which is a substantial gain of 77% from the end of March 2022.
- Months of inventory, which is the number of months it would take to sell current inventories at the current rate of sales activity, numbered 5.7 at the end of March 2023, up from 2.3 months in March 2022 and below the long-run average of 9.4 months for this time of year.
Overall, the report indicates that the Prince Edward Island real estate market has experienced a decline in home sales compared to the previous year, with stable home prices and an increase in active listings. The number of new listings has also slightly increased, but the months of inventory is lower than the long-run average, indicating a relatively balanced market with a shorter time to sell current inventories.