Good morning Montreal!

Nothing like a monday morning market and sale s chart to start your week of :)

To give you a wider perspective on the quarterly market update:
Montreal had 7,796 sales transactions, representing a 4% increase than last year’s quarterly sales.
Median prices (houses) reached $270,000, translating into 6% more than last year’s.

And overall, it was Quebec City who had the most action in the resale market: 7% more sales, and a price increase of 5%. Their homes are still considerable affordable at 227,000. Which is almost imposible to find now here in the island.

That’s it for now. We’ll be waiting for the new monthly stats and I will keep you posted!

We had had quite a busy summer this year. Although earlier on it was said that 2011 would not be as busy as last year’s summer in terms of sale, it turned out to be a little better than expected.
 

June had 5% more sales than the year before and last month’s sales were not lagging behind either. According to the Montreal Real Estate Board, 13% more sales were done this year in July compared to 2010′s. Also, condos continue to take the lead with 19% more units sold than in 2010.

Thinking about selling your condo? Contact me for a free appraisal.

MLS® Residential Statistics for the Montréal Metropolitan Area

“There were 4,186 MLS® sales transactions in the Montréal Metropolitan Area in May 2011, a 4 per cent decrease compared to May 2010, according to the Greater Montréal Real Estate Board (GMREB). Despite this slight decrease in real estate activity, condominium sales actually increased by 4 per cent in May. ”

While sales decreased by 5% on the Island of Montréal, condominium sales increased by 6%. The most active areas, in term of sales were the following: [Read more...]

Properties in the Montréal Metropolitan Area were selling faster in August 2010 compared to the same period last year according to the Greater Montréal Real Estate Board’s (GMREB) MLS® statistics.

In August 2010, single-family homes in the Montreal area sold in an average of 69 days, 10 days faster than in August 2009. Condominiums sold in an average of 79 days, a decrease of 11 days. Plexes sold the fastest with an average sale time of 62 days, 29 fewer days compared to the same period last year.

“The real estate market in the Montréal area is currently a seller’s market: average selling times are very short and the number of properties available on the market decreased for the thirteenth consecutive month in August, leaving slightly less choice for buyers,” said Diane Ménard, Vice-President of the Board of Directors of the GMREB. “Because market conditions are tighter, property prices in the Montréal area continued to increase,” she added.

The median price of single-family homes in the Montréal area reached $254,000 in August 2010, a 7 per cent increase compared to August 2009. The median price of condominiums increased by 9 per cent to reach $215,000, while that of plexes increased by 14 per cent to reach $395,000.

In terms of sales, the market slowed in August 2010 as the number of residential sales in the Montréal area decreased by 16 per cent compared to August 2009. Sales of single-family homes decreased by 16 per cent, sales of condominiums decreased by 13 per cent, and sales of plexes fell by 22 per cent.

Geographically, all areas posted a decrease in sales similar to that of the Montréal Metropolitan Area as a whole. The North Shore had the smallest decrease in sales, at 11 per cent, while the Island of Montréal posted a 16 per cent decrease in sales. Laval, Vaudreuil-Soulanges and the South Shore posted decreases of 18, 17 and 18 per cent, respectively.

“Summer is always a slower period for the real estate market. Last year, however, the market was more active than usual as we were emerging from the recession,” said Ms. Ménard. “It is therefore too early to talk of a market downturn, particularly since year-to-date sales are up by 8 per cent. It will be interesting to see how the market performs in the fall, which is normally a more active period,” she added.

As at August 31, 2010, the number of active listings on the MLS® system decreased by 3 per cent in comparison with the same date last year.

Source: Greater Montreal Real Estate Board