The Montreal CMA posted a 6% gain in home sales in November, with a total 3,630 sales through the Centris provincial database.
The Greater Montréal Real Estate Board says that’s a new record high for the month and the 45th consecutive increase in transactions.
"Homes are selling faster and faster in the Montréal area, as the average selling time, for all property categories combined, was 80 days in November, which is seven days less than one year ago," said Nathalie Bégin, President of the GMREB board of directors. "Single-family homes and plexes sold the fastest – in an average of 72 days – while it took an average of 94 days for a condominium to sell.”
Five of the six main areas of the Montréal CMA registered an increase in sales in November led by Saint-Jean-sur-Richelieu (23%) and the North Shore (14%).
There were more modest gains for the South Shore (8%), the Island of Montréal (3%) and Laval (1%) while Vaudreuil-Soulanges was the only area to register a drop in sales (down 8% year-over-year).
Prices gain, inventory tightens
The median price of single-family homes and condominium across the CMA increased by 5% year-over-year, to $334,000 and $264,900, respectively. The median price of plexes grew by 2% from a year earlier, to $520,000.
In November, there were 21,089 active residential listings in the real estate brokers' Centris system, an 18% drop compared to one year earlier.