GMREB news: Montréal Area Real Estate Market Remains Active in September

Île-des-Sœurs, october 12, 2011  – MLS® sales in the Montréal Metropolitan Area increased by 1 per cent in September 2011 compared to September 2010, according to the Greater Montréal Real Estate Board (GMREB). This fourth consecutive increase in sales was particularly strong on the Island of Montréal.

“Sales were most dynamic on the Island of Montréal and in Laval compared to September 2010,” said Diane Ménard, Vice-President of the GMREB Board of Directors. “In fact, the number of transactions increased by 8 per cent on the Island of Montréal and by 5 per cent in Laval. For the Island of Montréal, this was the second busiest month of September in over 10 years,” she added.

Sales decreased on the North Shore (-2 per cent), on the South Shore (-8 per cent) and in Vaudreuil-Soulanges (-6 per cent) compared to September 2010.

Once again, the increase in sales in the Montréal Metropolitan Area can be attributed to the performance of condominiums. Sales of condominiums were particularly vibrant in Laval (+40 per cent) and on the Island of Montréal (+10 per cent). The North Shore also contributed to this increase but on a more modest scale, at 1 per cent. Conversely, the South Shore posted an 11 per cent decrease in condominium sales in September 2011. As for single-family homes, sales in the Montréal Metropolitan Area decreased by 1 per cent compared to September 2010, while plex sales fell by 6 per cent.

In terms of prices, the median price of single-family homes in the Montréal area reached $266,750 in September 2011, a 6 per cent increase compared to September of last year. The median price of plexes also posted a 6 per cent increase to reach $400,000, while that of condominiums increased by 2 per cent, reaching $220,000, the most modest increase since July 2009.

The number of active listings for the entire Montréal Metropolitan Area increased by 15 per cent in September 2011 compared to the same month last year. Although this was the thirteenth consecutive increase, it was smaller than those observed in the past five months, which ranged between 17 and 19 per cent. The largest increases were registered on the South Shore (+24 per cent) and in Vaudreuil-Soulanges (+16 per cent). By property category, there were 13,621 single-family homes for sale on the market (+13 per cent), 8,140 condominiums (+18 per cent) and 2,521 plexes (+20 per cent).

Marlene Ofter

Marlene Ofter

Certified Real Estate Broker
CENTURY 21 Max-Immo
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