Better Winter - Better Real Estate Market: PEI Real Estate Market Shows Increase Over Snowy 2015
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 786 in the same time frame this year. Closed sales year to date are also up 14.8% from 169 units to 194 at the end of February.
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 (2016 year to date). 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 at approximately $173,000. This may seem to contradict but with lower sales volume in terms 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.
For more information, feel free to contact me anytime.