Real estate in the Greater Montreal Area has gained much traction over the last year, with sales up 5% in the third quarter of 2018 and prices up 8%.
Montreal’s market currently gives sellers the upper hand – competition is fierce among buyers and bidding wars are common, pushing offers above the asking price in many sought-after areas.
This is the 17th consecutive quarter in which sales activity has experienced an upward trend in Montreal.
In total, residential sales increased by 5% in the CMA compared to the third quarter of 2018. Condominiums once again saw the biggest jump in sales, at 13%. Sales of ‘plexes increased by 5%. Single family homes saw the smallest increase at 1%, due to diminished inventory.
When it comes to prices, revenue properties (duplexes and multiplexes) appreciated at the fastest pace, up 9% to $520,000.
Single family homes on the Island of Montreal registered an 8% increase to a median price of $492,000.
In the condominium market, median prices on the the Island of Montreal rose by 8% to $325,000.
Selling times have continued to fall across the CMA – on average it took 76 days (-8 days) to sell a detached home, 99 days (-11 days) to sell a condo, and 78 days (-9 days) to sell a ‘plex.
How to Secure High Offers When Selling in a Seller’s Market
Receiving multiple offers on a home requires some careful planning. Here are a few easy steps you can take to maximize the offers received on your listing:
- Stage your home for sale. Prepare your home for sale under your real estate broker’s guidance. Depending on the type and condition of property you are selling, staging could range from simply decluttering the rooms to repainting the walls a light, neutral colour or replacing fixtures.
- Price your home slightly under market value. It may seem counterintuitive, but pricing your home slightly under market value will attract many more buyers, and is more likely to lead to a bidding war.
- Invest in a professional photo shoot. 90% of buyers begin their property search online, so it’s important to make a good first impression with your listing photography. If you are working with a real estate broker, professional photography will be included in their services.
- Batch visits on certain days and hours. Restricting viewing times will spark competition around your property, and prevent low-ball offers on your home. Planning an open house is also a great way of attracting multiple offers during a short period of time.
Thinking of selling your property? Request a free consultation from a real estate agent specialized in your area.