November 2011: MLS® Sales Increase Again
Île-des-Sœurs, october 12, 2011 – MLS® sales in the Montréal Metropolitan Area increased by 3 per cent in November 2011 compared to November 2010, according to the Greater Montréal Real Estate Board (GMREB). This was the sixth consecutive increase in existing-home sales.
“November was an excellent month for the Montréal area real estate market,” said Diane Ménard, Vice-President of the GMREB Board of Directors. “The market has been particularly active since the early summer, which benefits both buyers and sellers,” she added.
Sales increased in all five of the main geographic areas in November 2011, except for the South Shore. Vaudreuil-Soulanges led the way with a 26 per cent increase in the number of transactions. Sales on the North Shore increased by 3 per cent, while sales in Laval and on the Island of Montréal grew by 2 per cent. Sales on the South Shore remained stable compared to November 2010.
Condominiums stood out once again in November 2011, as sales of this property category increased by 6 per cent compared to the same month last year. Condominium sales on the Island of Montréal (+7 per cent) and on the North Shore (+5 per cent) were primarily responsible for this increase. Meanwhile, sales of single-family homes increased by 1 per cent and plex sales grew by 3 per cent.
In terms of prices, all three property categories posted a 4 per cent increase in median price in November 2011 compared to November 2010. The median price of single-family homes reached $270,000, that of condominiums reached $226,750 while that of plexes hit $400,000.
In the entire Montréal Metropolitan Area, the number of active listings increased by 15 per cent in November 2011 compared to November 2010. In total, close to 26,000 residential properties were available to buyers. The South Shore posted the largest increase in the number of active listings (+21 per cent), but all other areas also posted an increase. In terms of property categories, condominiums posted the largest increase in the number of active listings in November 2011 at 20 per cent, followed by plexes at 17 per cent and single-family homes at 10 per cent.