There were 5,607 home sales in the Montreal CMA in May, a 6% increase from a year earlier.
Figures from the Quebec Professional Association of Real Estate Brokers (QPAREB) reveal the 51st consecutive monthly increase in sales; most areas increased sales except the Island of Montreal which declined 1% and Vaudreuil-Soulanges which was down 12%.
The North Shore (15%), Laval (15%), the South Shore (10%), and Saint-Jean-sur-Richelieu (17%) all showed strong momentum.
Single-family home sales increased by 5% (3,048 transactions), sales of condominiums rose by 7% (2,001 transactions), and sales of plexes (2 to 5 dwellings) jumped by 13% (550 transactions) compared to May of last year.
But lower inventory – 19,915, down 18% year-over-year – has increased competition among buyers; and pushed prices higher.
The median price of single-family homes across the CMA increased by 5% year-over-year to $340,000 while condos gained 2% to $261,000. Plexes registered the largest increase in median price, up 6% to $550,000.
"Properties are selling faster and faster in the Montreal area, as the average selling time – for all property categories combined – stood at 69 days in May, which is 14 days less than one year ago," said Nathalie Bégin, president of the QPAREB board of directors. "Single-family homes and plexes are selling the quickest, with respective selling times of 63 days and 71 days, while it takes an average of 77 days for a condominium to find a buyer.”
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