The Greater Montréal Real Estate Board (GMREB) just released its latest statistics for Montréal Census Metropolitan Area’s housing market.
5,303 residential transactions were concluded in May 2018, a 1% increase compared to May 2017. Montreal’s sales transactions have been on the rise for 39 consecutive months.
- The average single family home in Montreal sold for $325,000 in May, which is 3% higher than last year’s May average.
- The median price of condominiums increased by 6% to $257,000,
- The median price of ‘plexes increased by 9% to $520,000.
Sales by property category
- Condominiums in the Montreal CMA led the way with a 14% increase in sales activity. The highest jump in sales took place in the South Shore (36% increase).
- ‘Plex (2 – 5 dwellings) transactions rose by 4% compared to May 2017.
- Single-family homes decreased in activity, by -6%. This is the first time in 5 months that sales volume has decreased for this property category, in the Montreal CMA.
Sales by geographic area
- The South Shore showed the largest year over year increase in sales activity (+12%)
- Sales in Laval increased by 4% year over year.
- Sales remained constant on the North Shore (0% increase)
- On the Island of Montréal and Vaudreuil-Soulanges sales decreased by -1%
- Saint-Jean-sur-Richelieu recorded a significant decrease in sales activity at -28%.
Number of active listings
The number of properties listed for sale on Centris has continued to decline, as Montreal moves further into a seller’s market.
16% fewer properties were listed for sale this May when compared to May of last year (24,501 active residential listings.
“The number of condominiums for sale in the Greater Montréal area fell by about 22% in May. A drop like this has not been seen in nearly 15 years,” said Mathieu Cousineau, President of the GMREB Board of Directors. “With strong demand and a decrease in supply, as we have been seeing for several months now, the condominium segment – against all expectations – is on the verge of moving into a seller’s market too,” added Mr. Cousineau.
About the Greater Montréal Real Estate Board
The Greater Montréal Real Estate Board is a non-profit organization with more than 9,000 members: real estate brokers. Its mission is to actively promote and protect its members’ professional interests in order for them to successfully meet their business objectives.
This article, Centris® Residential Sales Statistics: May 2018, appeared first on Shupilov News.