MLS® home sales on Prince Edward Island in line with the 10-year average for November
The number of homes sold through the MLS® System of the Prince Edward Island Real Estate Association totaled 171 units in November 2024. This increased by 11.8% from November 2023.
Home sales were 5.9% below the five-year average and 4.9% above the 10-year average for the month of November.
On a year-to-date basis, home sales totaled 1,910 units over the first 11 months of the year. This was a gain of 8.5% from the same period in 2023.
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite/single-family benchmark price was $374,200 in November 2024, increasing by 1.8% compared to November 2023.
The average price of homes sold in November 2024 was $401,343, up by 9.4% from November 2023.
The more comprehensive year-to-date average price was $388,289, a minor increase of 1.4% from the first 11 months of 2023.
The dollar value of all home sales in November 2024 was $68.6 million, a sizable gain of 22.3% from the same month in 2023.
The number of new listings was up by 10.1% from November 2023. There were 228 new residential listings in November 2024.
New listings were 2% above the five-year average and 12.9% above the 10-year average for the month of November.
Active residential listings numbered 1,063 units on the market at the end of November, a gain of 8.7% from the end of November 2023. Active listings haven’t been this high in the month of November in more than five years.
Active listings were 28.8% above the five-year average and 3.3% above the 10-year average for the month of November.
Months of inventory numbered 6.2 at the end of November 2024, down from the 6.4 months recorded at the end of November 2023 and below the long-run average of 6.6 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.
BOARD & ASSOCIATION INFORMATION
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.
PRINCE EDWARD ISLAND REAL ESTATE ASSOCIATION
For more information, please contact:
Prince Edward Island Real Estate Association
75 St. Peter's Road
Charlottetown, PE
C1A 5N7
Tel: (902) 368-8451
Fax: (902) 894-9487
office@peirea.com
James Marjerrison
