March 1, 2016
FOR IMMEDIATE RELEASE
BETTER WINTER, BETTER REAL ESTATE MARKET
PEI Real Estate Market Shows Increase Over Snowy 2015
Charlottetown, PE - The lack of snow and storms in 2016 compared to 2015 has shown to be beneficial to the PEI real estate market.
Active listings on the MLS® show an increase of 24.75% from 630 last March 1 to currently being at 786. Closed sales year to date are also up 14.8% from 169 units to 194 at the end of February.
For a more detailed look and how Century 21 Colonial compares with the competition click here.
See PEI housing market infographic, including detailed statistics on Charlottetown, Cornwall, and Stratford below.
There is a significant increase in the dollar volume of closed sales of over 27.6%. Sales that have closed have a dollar volume amount of $30,516,202 compared to $23,911,149. There was a larger increase in sales of homes between $260,000 and $350,000 which explains the overall increase.
With single family residential homes, there have been 256 sales compared to 200 from last year. With much media talk about the prices of Vancouver, Toronto and Calgary, keep in mind that only 15 homes have sold on the MLS® over $350,000. This time last year there was only 9 during this time. This indicates confidence in the market of people moving up in their housing.
The average price of sold residential property has maintained to stay the same at approximately $173,000. This may seem to contradict but with not large numbers of units sold, the low and the high sales can dramatically affect the average.
Real Estate is local and each property is different and various items can affect the market value and time spent on the market, make sure you discuss your real estate needs with a qualified REALTOR® who can analyze the market conditions that are pertinent to you.
Submitted Photo: Rich Beharrell
Infographic: Century 21 Colonial Realty