Photo: Hobbes vs Boyle/Flickr
January marked the 41st consecutive month of increases in active listings in Montreal, according to the latest report from the Greater Montreal Real Estate Board (GMREB).
Last month, total active listings in the Centris system numbered 31,470, up 9 per cent compared to the same time in 2013. The average time a home spent on the market also went up, with the average selling time for a single-family home increasing by 15 days and condos and plexes seeing an extra 12 days.
Total sales in Montreal reached 2,054 in January 2014, down two per cent from the same time last year. Only single-family homes measured growth in sales, rising by 1 per cent in January, while sales of condos and plexes dropped by 4 per cent and 8 per cent respectively.
The area that recorded the largest boost in sales was the North Shore, which saw sales go up by 4 per cent, year-over-year. The Island of Montreal and Vaudreuil-Soulanges followed with increases of 3 per cent and 1 per cent.
“It’s interesting to note that the Vaudreuil-Soulanges area bucked the trend by posting a fourth consecutive monthly increase in sales in January 2014,” said Paul Cardinal, Manager of the Market Analysis Department at the Quebec Federation of Real Estate Boards, in the news release.
As for the districts that saw decreases, sales in Laval fell by 5 per cent while the South Shore saw a 13 per cent plummet last month.
The median price of single-family homes across Greater Montreal increased by 1 per cent in January to $272,000. The North Shore led the pack once again, seeing the median price increase by 9 per cent for the fifth consecutive monthly boost. On the Island of Montreal and in Laval, the median price of single-family homes increased by 4 and 3 per cent respectively, while on the South Shore and in Vaudreuil-Soulanges, it dropped by 2 per cent and 7 per cent, respectively.
The median price of condominiums remained unchanged at $220,000, while plexes received a 6 per cent bump, rising to the median price of $428,000.
For more details, check out the tables below…