Just when we thought the market couldn’t shine any brighter, the stats continue to prove us wrong and show that the real estate market will outshine all of the holiday lights this season!
When compared to November of 2018, we saw a 13% increase in home sales with a total of 4084 transactions, according to the Quebec Professional Association of Real Estate Brokers (QPAREB). To go into more detail; condo sales had a huge increase of 21%, single-family home sales rose 11%, and plex sales had a 4% increase.
Areas with the most significant rise in sales transactions this past month:
Saint-Jean sur Richelieu: 41%
South Shore: 16%
North Shore: 9%
Island of Montreal: 7%
Low inventory means higher prices! It is interesting to note that sales continued to rise despite the diminished supply of homes for sale. Inventory was down 22% from November 2018.
In just the last year alone, we have seen higher prices across the board:
Montréal-area single-family median home prices up by 6%
Median condo prices up by 9%
Median plex prices up by 11%
What are your 2020 real estate goals?
As the New Year approaches, it will be important for homeowners and buyers to consider the quick sales turnover speed that we’re experiencing. Properties are selling quickly, with this past month’s statistics being relatively unprecedented since 2004. Whether you have questions about your home or if you’d like to discuss your next move, I look forward to hearing from you.