I went back a year to compare this statistic with the last 12 months, and honestly, not much has changed. Every month sales are up between 5-17% (average 10%) and listings down 9-17% (average 14%).
Prices, and sales up and listings down all across the board…continuing the trend from April 2017. I just received this text message from a broker when I inquired about a 6plex: “Hi, we are presently with 3 offers in negotiations. Was 68 offers in total”. This is an extreme case, however it is a great example of lack of product on the market.
The market continues to be a Seller’s market for February 2018. Montreal island is looking great for any Seller, with listings down even lower than the previous months as sales and prices continue to rise.
Things heated up big time for January 2018. Sales are still going up and listings down. This has been the trend since April 2017, which is creating an incredible lack of product on the market for buyers. We are now full on Seller’s market.
The number of sales are up in December 10% from a year ago. Overall active listings have changed from -25% in the spring, to -19% over the summer, and now -9%. Hopefully that will balance out the market a bit more and allow buyers to find product and reduce the multiple offers. Having said that, the Island itself is still at -13%. The biggest change I see is that condos are up +8% compared to every month over the last year, whereas it’s been extremely low. Huge jump in sales in Laval to 20%! North shore and Vaudreuil-Soulanges took a bigger tumble than usual in sales. Perhaps people are moving closer to the island. Welcome Saint-Jean-sur-Richelieu; who has joined the monthly statistical report.
Sales are way up (12%) in the Greater Montreal Real Estate area. Higher than I have seen in quite a while. Listings are still holding at 13% down. Plexes have done the largest jump up, which may be due to it being the end of the year for a lot of people’s accounting. The biggest surprise was the jump in sales for condos, especially in Laval and North Shore. The win this month is Vaudreuil-Soulange, where the listings are at the lowest and sales highest of all the areas of the Greater Montreal Real Estate board.
What a market these past 6 months have been! Keeping up with the trend, sales are still up and listings are down. The good news is that there are more listings on the market which is creating more active properties to choose from. All sections, houses, plexes and condos are up across the board. Condos are making a comeback and have reached a high, which we haven’t seen in a long time!
The trend continues as a buyer’s market. It’s even infiltrated condos, which has been stagnant until now. This does not mean that you just have to put up a sign and you’ll receive multiple offers. Due diligence of maintenance, repairs, cleaning, and staging your house is still very important. As well, creating an appealing listing with professional photos. This is what will make your house that much more desirable over the competition. Pricing your house competitively will also play a large role. Getting the buyers in the door is the first step!
We’re continuing the trend of sales moving upwards and listings downward. The condo market is starting to pull away and, besides the South Shore, isn’t doing too well. In the last few months, condos have been trailing behind a bit in sales, however now we are seeing a much larger gap between the homes and multi-doors and condos. I’ve been predicting that condo sales were going to continue the downward trend, and that’s exactly what is happening. Too many listings and not enough buyers. Homes and multi-door on the other hand are thriving. As soon as a descent house is listed, Buyers are running to them with offers in hand, which is driving prices high with quick turn arounds. There are always exceptions of course. For example in the Vaudreuil Soulanges area, homes between $500-650K, seems to be slow and lacking Buyers.
It’s a perfect storm for the market to keep moving to a seller’s market in the Greater Montreal areas. Overall sales are up 15% and listings down 15%. Montreal and Vaudreuil-Soulanges wins at an all-time high of 22-25% for sales. All across the board, home, condo, and plex prices are up. To give you an example of what is happening in the well sought-after areas…I tried to book a visit for my buyer to see a house in Pointe-Claire South. The house was listed for $449K on a Monday night at 11pm and had received an offer the next morning at 8am. The real estate broker told me that these buyers had already lost 2 other deals due to multiple action. These statistics are for May, however I feel they still hold true today.
Well there seems to be more of a trend of prices up, and listings and sales down. Listings are down by quite a lot. That’s probably the driving factor of the prices going up. Talking to a lot of brokers with buyers, it is slim pickings out there.
South Shore and Vaudreuil Soulanges seems to be doing alright with sales. Condos are still taking a bit of a hit all across the board.
This is the first year in a very, very long time that we’ve seen sales and prices up and listings down…across the board. Sales are up 10% and listings down 14%. Each area fluctuates a bit, however this is the trend. When there isn’t much to choose from, buyers will pay a bit more for top quality that is on the market. We’re seeing properties selling faster and with multiple offers. The only area where prices stayed neutral was Vaudreuil-Soulanges. Even though sales are up and listings down, they are a newer community with a lot similar homes in the same era. Their quality and features and style are more similar so as a purchaser there still is a lot of competition compared to a place like NDG where there is more of a mix of styles, renovations and features.
Let me just start by saying, sales are up 2%, 3788 and active listings are down 13%, 30,187. Loud and clear! Collectively, prices are all up, including condos. Breaking it down though, there are some areas that took a bit of a hit. Condo prices are down in Laval and the North Shore. Not too bad since sales are up. South shore sales are down, and so are listings, which brings balance.
Sales and listings are down in Vaudreuil Soulanges. In this area houses over $500K are not moving much at all. Not a lot of visits or buyers. Watch Video
Sales are up and active listings are down. Not only are we seeing this through the Greater Montreal Real Estate Board statistics, but in our weekly meetings we’re all noticing that there isn’t much out there for our buyers to choose from. This type of market results in properties selling for more than they might be worth, driving up the market, and creating a turn in the market. There are some areas that are busier than others, that’s for sure, however the general feel of the market is that for homes and plexes, it’s leaning towards a seller’s market. Watch Video
The Island of Montreal is hot hot hot right now. Sales are up, and listings are down. It’s a great time for Sellers. The condo market is still relatively flat with a lot of choices in all areas. Condo construction is still very active. This market jump may be due to investors comparing our market to a lot of other active cities like Vancouver and Toronto. Let’s face it, you can’t find anything in Toronto for under $500K. Compared to our market, you can find a triplex in some areas for that price!
The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris, provincial database. In total, 2,685 residential sales were concluded in July 2016, which is a 3 per cent increase compared to July of last year.
Montréal’s Real Estate Market Holds Strong in August, September 2009
Third quarter of 2008: Montréal resale market remains active, November 2008
September Real Estate Market, September 2008
Real Estate Prices Up, Sales Down, November 2007
Are Real Estate Sales Up or Down?, December 2005
The second best month of November ever recorded by the GMREB, December 2005
Property sales increased by 4% in October, November 2005
Resale Market: A Record Year is Underway, August 2005
3,073 properties were sold in July, August 2005