What a mild November! We have enjoyed lots of sun and double digit temperatures for the better part of the month. So far the weather in Charlottetown is very similar to what I have experienced in Vancouver, although I am sure that will change soon enough...
As we enter the cooler months the PEI real estate market is faring well. Sales and prices are up from 2008 and the inventory of homes is sitting at a 4 year low. Homes located in Charlottetown are selling very well, while rural properties and cottages are sitting longer.
Sales for November 2009 came in at 122 vs. 117 for November 2008. The average price for November is $151,500 vs. $141,700 for November 2008 [an increase of 6.9% YOY (year over year)]. Last December we saw a large spike in the average price YOY. Of course as the number of homes sold decreases, the average price is more susceptible to fluctuations should there be a few high end homes sold etc. I will have a year end wrap up next month.
Have a fantastic Christmas and have happy New Year!
Thanks for reading,
Here are the charts: