But as the prices continue to rise and demand remains strong, sellers are increasingly being enticed to put their homes on the market. Active listings increased 15%, marking the 13th consecutive increase in listings, according to the Greater Montreal Real Estate Board (GMREB).
Overall, real estate sales in the metropolitan area were up just 1% in September compared to the same time last year, while condo sales were up 8% over that same period.
Condo sales were especially hot in Laval, where they were up more than 40%, and on the Island of Montreal they were up more than 10%. But despite the increase in sales activity, the median price in Laval and on the Island of Montreal remained relatively unchanged from a year ago.
The opposite in sales activity was true with the South Shore, which posted an 11% decrease in condominium sales in September, while the average condo price there dropped 2% to reach $253,500.
In terms of overall sales, it was the second busiest September for the Island of Montreal in the past 10 years, according to GMREB Board of Directors Vice President Diane Menard. The Island is the most pricey real estate market within the Montreal area, with a median price of $369,500 for a single family home and $250,000 for a condo, compared to a single-family home median of $266,750 for the entire Montreal area and $220,000 for a condo.
The median price of a single-family home in the Montreal area rose 6% from a year ago, whereas condos were up 2%. Multi-unit buildings between two to five dwellings were up 6% to reach a median of $400,000.
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