Properties selling more quickly - But Montreal-area sales continue to decline

September 15, 2010 - Montreal properties sold in August were bought more quickly than a year earlier, but the total number of sales is continuing to drop as the market slows, MLS data indicate.

Total residential sales fell 16 per cent year over year in August, data made public yesterday by the Greater Montreal Real Estate Board show.

The Multiple Listing Service data indicate median prices for homes continue to rise, however, even as the properties that do sell are being picked up more quickly.

Last month, single-family homes in the Montreal area sold in 69 days, on average -10 days faster than in August 2009. It took 11 fewer days to sell a condo and 29 fewer days to sell a multiplex dwelling.

Yet the actual sale of multiplexes - many of which have been converted to condos -plunged by 22 per cent in August compared with a year earlier, the data show.

The median price of single family homes in the Montreal area reached $254,000 last month -a seven-percent increase from August 2009.

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Marlene Ofter

Marlene Ofter

Certified Real Estate Broker
CENTURY 21 Max-Immo
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