Prince Edward Island Real Estate Snapshot – July 2023

The Prince Edward Island Real Estate Association (PEIREA) has released its latest MLS® System statistics for July 2023:

• Sales: 198 homes were sold, a 23% increase from July 2022, but 3% below the five-year average.

• Pricing: The MLS® Home Price Index indicated a benchmark price of $360,700, a 2.6% drop year-over-year. However, the average sale price was $402,614, up 1% from 2022.

• Revenue: Home sales reached a noteworthy $79.7 million in July 2023, a record-setting 24.2% rise from the previous year.

• Listings: New listings were consistent at 372, slightly above the five-year average. Active listings stood at 1,033 by month's end, 13.9% above the five-year average, yet 25.8% below the 10-year mark.

• Inventory: At July's end, the inventory would last approximately 5.2 months at the current sales pace, an improvement from the 5.7 months in 2022.

For a deeper dive, visit the PEIREA website.