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June 2021-Sales continue to be above average

July 8th, 2021


Prince Edward Island MLS® home sales still above average in June

The number of homes sold through the MLS® System of the Prince Edward Island Real Estate Association totaled 210 units in June 2021. This was down by 5.4% (12 sales) from June 2020.

Home sales were 1.5% below the five-year average and 7.3% above the 10-year average for the month of June.

On a year-to-date basis, home sales totaled a record 1,194 units over the first six months of the year. This was a substantial increase of 56.1% from the same period in 2020.

The average price of homes sold in June 2021 was $331,641, a sizable gain of 27% from June 2020.

The more comprehensive year-to-date average price was $330,666, increasing by 25.5% when compared to the first six months of 2020.

The dollar value of all home sales in June 2021 was $69.6 million, a gain of 20.1% from the same month in 2020. This was also a new record for the month of June.

The number of new listings was up by 5.7% from June 2020. There were 353 new residential listings in June 2021.

New listings were 0.3% above the five-year average and 14.7% below the 10-year average for the month of June.

Active residential listings numbered 612 units on the market at the end of June, a substantial decrease of 17.7% from the end of June 2020. Active listings have not been this low in the month of June in more than 15 years and are far below average levels for this time of year. However, overall inventory has steadily increased over the last few months from its recent low point and is currently standing at an 8-month high.

Active listings were 37.8% below the five-year average and 60.7% below the 10-year average for the month of June.

Months of inventory numbered 2.9 at the end of June 2021, down from the 3.4 months recorded at the end of June 2020 and below the long-run average of 8.5 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.

The Prince Edward Island Real Estate Association (PEIREA) was incorporated in 1964 under the name of the PEI Real Estate Brokers Association. In 1975, the name of the organization was changed to the PEI Real Estate Association. The Association is governed by a Board of Directors which consists of twelve REALTORS® and the Association's Executive Officer. All Members of the Association are also members in good standing of the Canadian Real Estate Association and are specifically trained to help buyers and sellers with all their real estate needs. They adhere to the REALTOR® Code of Ethics and conduct their business in accordance with the Standards of Business Practice as adopted by the Canadian Real Estate Association.

 

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