Residential Sales Up Another 7% in October

The Greater Montreal Real Estate Board (GMREB) has just published its most recent statistics on the Montreal CMA (Census Metropolitan area) real estate market, and has reported that sales for the month of October 2017 have gone up another 7% compared to October of last year.  Sales on the Island of Montreal itself went up by 11% compared to the same period last year.

Sales are up for all categories of property, with condominium sales taking the lead with a 13% increase, while the sales for plexes went up by 9%, and single family dwellings went up by 3%.

Median sale prices are up by 5% compared to October of last year, reaching $320000 for a single family home.  The median price of plexes reached $482500, also a 5% increase, while condominium median prices reached $255000, a 4% increase.

GMREB Board president Mathieu Cousineau noted that residential sales are favoring sellers more and more, with the number of days a home stays on the market diminishing.  Single family homes stayed on the market an average of 78 days in October, which is 13 days less than for October of last year.  Mr. Cousineau added that in comparison, market conditions are said to be balanced for condominiums, which stayed on the market an average of 103 days.

Meanwhile, inventory continued to fall.  There were 25314 active listings for the month of October, 12% less than October of last year.

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