Home sales in the Greater Montreal area have hit a new May record but it was mainly due to the South Shore.
Overall sales were up 1% year-over-year to 5,303 according to new figures from the Greater Montreal Rael Estate Board; but while the South Shore saw a 12% jump and Laval was up 4%; the North Shore (0%), the Island of Montréal (-1%) and Vaudreuil-Soulanges (-1%) sales levels were similar to those registered in May of last year.
There was a large drop in sales in the Saint-Jean-sur-Richelieu area, down 28% year-over-year.
Condo sales were up 14% (36% on the South Shore), plexes were up 4%, and single-family home sales fell 6%, the first decline for the property type in 5 months.
Prices up, inventory down
The median price of single-family homes across the Montréal CMA stood at $325,000 in May, up 3% year over year while the median for condos increased 6% to $257,000; and plexes jumped 9% to $520,000.
In May, there were 24,501 active residential listings in the Centris system, down 16% year-over-year.
"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.”
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