July Market Update


Finally the summer weather is starting to heat up and the real estate market is still going strong. Listings seem to have plateaued at a lower level than the previous 4 years while sales continue to move upward. If this trend continues there will be further upward pressure on prices. Prices have posted their highest number in July for the last 4 years.

Another positive for PEI is that a report released at the end of July stated that the Maritime Provinces have dodged the worst recession since the Second World War. I am sure even though the province avoided an all out recession many of us felt it. The good news is now we can look towards an economic recovery which should translate to increased home values and at the very least stability. It looks like a great time to buy PEI real estate.

On a personal note Sandra, Paige and I just welcomed a new addition to our family. We had a baby boy on July 15th who we named Karsten! We are very excited and very busy :)

Here are the charts:


Listings: Low and steady level of inventory


Sales: Weaker than the banner year 2007 but still strong


Prices: Healthy average price growth

So far so good for PEI real estate in 2009. Let's see what the rest of the summer holds.

Thanks for reading,

Paul


The statistics on this website are based on information from CREA, and while believed to be accurate, CREA assumes no responsibility for them.

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