Home sales created magic this November; surging by 13%
Just when it seemed the real estate market could not become more effervescent, statistics of surging November residential sales reveal the Montréal real estate market is literally twinkling this holiday season!
Increasing home sales
With 4084 sales transactions reported in just November alone; these numbers represent a remarkable increase by 13% when compared with November home sales from the previous year (2018), according to the Quebec Professional Association of Real Estate Brokers (QPAREB). To break it down even further, the number of condominium sales increased substantially by 21%, with an 11% increase in single-family home sales, and a 4% increase in plex sales.
According to the QPAREB, the most notable increases in the number of sales transactions this past month were found in Vaudreuil-Soulanges at 48%, with Saint-Jean sure Richelieu coming in at 41%, Laval at 21%, the South Shore at 16%, the North Shore at 9% and the Island of Montréal at 7%.
Low inventories bring higher prices
Even more interesting is that the rise in sales occurred concurrently with diminished supply (down 22% from the previous November), which has resulted in higher prices across the board. Montréal-area single-family median home prices have increased by 6%, median condo prices have soared by 9% and median plex prices have shot up by 11% in just the last year alone.
The sellers’ market continues
Properties have sold quickly and in relatively few numbers of days on average. Additionally, shorter selling-times have historically reflected a sellers’ market. And, with this past month’s short sales-times being relatively unprecedented (since 2004), it appears to continue to be the case… possibly something homeowners will consider further as the New Year approaches.
So, while you enjoy the holidays at your own home this year, know the Montréal real estate market is embracing its own magic of the season; keeping your investment bright!
Considering your real estate options?
Additionally, should you be considering selling your home or buying one; whether on the West Island, out in Hudson, or downtown Montreal… give me a call or text me a message. It will be my pleasure to learn your real estate needs and provide you with my complimentary market analysis of your home’s value.
Candis Noble; Residential real estate broker and interior designer
Passionately delivering bespoke service as a residential real estate broker – Engel & Völkers Montréal and West Island. Global branding, designer staging and my unique approach to marketing and selling your home; the first time. Experience the difference. Let’s have that conversation… I’ll bring the coffee!