The residential housing market in Prince Edward Island continues to demonstrate its resilience, with positive trends observed in various key indicators. The month of June 2023 showcased notable changes compared to previous months, reflecting the overall stability and growth of the real estate sector on the island. This blog post explores the recent statistics and highlights the noteworthy developments in sales activity, average prices, dollar volume, new listings, active listings, and market balance.

Sales Activity: In June 2023, there were 164 residential property sales, representing a modest decline of 7.3% compared to the previous month. However, when compared to the activity six months ago, the market has shown a positive shift, with a 21.5% increase in sales. These figures indicate a healthy level of transactions in the housing market on Prince Edward Island.

Average Price: The average price of residential properties in June 2023 stood at $409,454, showcasing a steady rise of 2.6% compared to May 2023. Over a six-month period, the average price has experienced a positive trend, increasing by 10.9%. This growth is an encouraging sign for homeowners and real estate investors, indicating a favorable market for property values.

Dollar Volume: The dollar volume of residential property sales in June 2023 reached $67.2 million. Although it experienced a slight decline of 4.9% from the previous month, it still reflects a significant increase of 34.7% compared to six months ago. This demonstrates the sustained economic activity within the housing sector on Prince Edward Island.

New Listings: In terms of new listings, the market witnessed a positive surge in June 2023. There were 267 new residential properties listed, representing a notable increase of 15.1% compared to the previous month. This upward trend suggests a growing interest in selling properties, potentially contributing to a more balanced market.

Active Listings: The number of active listings in June 2023 stood at 845, indicating a modest decline of 4.0% compared to the previous month. However, when comparing the figures to six months ago, the decrease becomes more pronounced at 8.0%. This reduction in active listings may indicate increased demand and a competitive market environment.

Long-term Trends: Analyzing the year-over-year figures, the housing market on Prince Edward Island continues to exhibit strength and stability. Sales activity in June 2023 remained steady with a 3.0% increase compared to the same month in the previous year. Average prices demonstrated a noteworthy long-term growth, rising by 14.3% over two years and 163.1% over a decade. The dollar volume of sales also showcased substantial gains over the long term.

Market Balance: The market balance in June 2023 reflected a sales-to-new-listings ratio of 61.4%, indicating a healthy demand-supply equilibrium. The months of inventory, calculated as the ratio of active listings to sales, stood at 5.2, suggesting a balanced market favoring neither buyers nor sellers.

The residential housing market in Prince Edward Island experienced positive developments in June 2023, with notable increases in sales activity, average prices, and new listings. Despite slight month-to-month fluctuations, the long-term trends showcase a resilient and robust market. With steady growth in average prices and sustained buyer demand, the real estate sector in Prince Edward Island remains an attractive and thriving investment option for homeowners and investors alike.