March 2011: An Excellent Month Despite a Decrease in Sales

Île-des-Sœurs, April 7, 2011 – There were 5,188 MLS® sales transactions in the Montréal Metropolitan Area in March 2011, a 13 per cent decrease compared to March 2010, according to the Greater Montréal Real Estate Board (GMREB). Despite this decrease, March 2011 was one of the best months of March in sales since the early 2000s.

“It’s important to remember that March 2010 was exceptionally active and set a new sales record in the Montréal area,” said Diane Ménard, Vice-President of the GMREB Board of Directors. “With 5,188 sales transactions, March 2011 posted one of the best results of the 2000s, surpassed only by March 2010 (5,967 sales), March 2007 (5,354 sales) and March 2002 (5,307 sales). Condominiums registered the best results with 1,641 sales in the Montréal area in March 2011, only 2 per cent lower than in March 2010 and the second best performance for a month of March,” she added.

As for the other property categories, sales of single-family homes decreased by 17 per cent in March 2011, while plex sales fell by 21 per cent.

Geographically, March 2011 was one of the strongest months of March for most regions in the Montréal area, despite the decrease in sales. Vaudreuil-Soulanges stood out with only a 3 per cent decrease in sales compared to March 2010. Sales on the Island of Montréal decreased by 9 per cent, while Laval and the North Shore registered respective decreases of 12 and 14 per cent. The South Shore experienced a more difficult March than the other areas with 1,128 sales transactions, a decrease of 21 per cent compared to the same period last year and one of the weakest results of the 2000s, ahead of only March 2009 and March 2003. This slowdown is primarily due to significant sales decreases in the areas of Centre of the South Shore (Brossard, Saint-Lambert, Candiac, La Prairie), the South-West area of the South Shore (Delson, Saint-Constant, Sainte-Catherine, Saint-Mathieu, Saint-Philippe) and Châteauguay (Beauharnois, Châteauguay, Léry, Mercier, Saint-Isidore).

As for prices, property prices continued to increase in the Montréal area in March 2011, but at a more moderate pace. The median price of single-family homes increased by 6 per cent compared to March 2010 to reach $260,000. The median price of condominiums increased by 3 per cent to reach $210,000 while that of plexes grew by 8 per cent to reach $405,500.

“As we anticipated, price increases were more moderate in 2011 due to slower sales and the market’s move toward becoming balanced,” said Diane Ménard.

As at March 31, 2011, the number of active listings on the MLS® system increased by 13 per cent in comparison with the same date last year.


Amir Sam

Amir Sam

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