Achi news desk-
The average price of a home in Prince Edward Island has dropped 8.8 per cent over the past two years, according to data released Tuesday by the Canadian Real Estate Association.
CREA’s year-over-year data for March is based on PEI Real Estate Association listings.
The trend has been steadily downward for several years, with the average price of residential homes on the Island falling 5.7 per cent last month compared to March 2023, and 8.8 per cent compared to a year ago earlier.
As of last month, the average residential price is now $376,429, which includes both single-family and condominium housing types.
CREA considers the PEI market to be “balanced,” and does not favor buyers or sellers.
Homes sold last month spent 55 days on the market, according to the CREA report’s median sales times – slightly longer than a year earlier, but almost double the 28 days median for homes sold in March 2021.
Benchmark price up more than $10K
Last month, the real estate association’s benchmark price, however, increased three percent to $355,100, compared to $344,800 in March last year.
Between 2005 and 2020, the benchmark price for homes on PEI rose moderately. It took those 15 years for the benchmark home price to double, climbing from $115,800 to $230,300. But it only took three more years for prices to climb to triple their value in 2005.
Sales were up 10 per cent on last year, with 143 homes sold last month, compared to 130 units sold the previous March. Of those, 115 homes sold last month were single-family residences, and only 6 were condominiums, according to the data.
New listings were also up nearly 30 percent over the previous year, with 288 added in March versus 222 over the same time period a year ago.
Months of inventory, often used as a measure of the availability of homes for purchase, also increased slightly. Last month there was 6.1 months of inventory, compared to 5.9 months in March 2023.
Those averages are still well above 2022 and 2021, which hovered around two months of inventory.
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