Montreal’s home sales and average residential prices continue going up, even as the city’s inventory is seeing a considerable shrinkage, according to fresh data from the Quebec Professional Association of Real Estate Brokers.
In the latest round of market statistics, the QPAREB reported that a total of 5,607 home sales took place in the city last month, representing a 6% year-over-year gain. May 2019 was also the 51st straight monthly increase in sales for the region.
By property type, plexes enjoyed the greatest gain with their 13% annual increase in sales, for a total of 550 transactions. Condo activity had a 7% increase during the same time frame (2,001 sales), while the single-family segment saw a 5% uptick to remain the dominant asset class (3,048 sales) in the city.
At the same time, the total number of active listings fell by 18% from May of last year, ending up at 19,915 properties listed for sale.
“Properties are selling faster and faster in the Montreal area, as the average selling time – for all property categories combined – stood at 69 days in May, which is 14 days less than one year ago,” QPAREB board of directors president Nathalie Bégin said.
“Single-family homes and plexes are selling the quickest, with respective selling times of 63 days and 71 days, while it takes an average of 77 days for a condominium to find a buyer.”
Montreal’s median single-family home price stood at $340,000, growing by 5% year-over-year. Condo average costs crawled up by 2% to $261,000, and plexes saw their median price increase by 6% annually to reach $550,000.