The month of July is part of the second quarter of the residential sales market for 2019 — the busiest quarter.
It seems that sales for all types of residential properties increased again last month compared to the same period last year.
Quebec’s real estate market is even more active and dynamic than the rest of Canada. While markets seem to be slowing in Toronto and Vancouver, it is Montreal’s turn to see its property prices rise significantly.
Let’s take a closer look at the underside of last month’s Montreal real estate market.
The data for July 2019 in Montreal by neighbourhood
Plexes: 20% sold for more than the asking price, 10% sold for the asking price and 70% sold for less than the asking price. The median price of a plex in this neighbourhood is $869,500 and plexes sell on average within 37 days.
Condominiums: 37.5% sold for more than the asking price, 4.5% sold for the asking price and 58% sold for less than the asking price. Condominiums in the Plateau Mont-Royal have a median price of $436,375 and sell on average within 35 days.
Single-family homes: 33% of the houses were sold at a higher price, 11% of the houses were sold at the asking price and 56% of the houses sold below the asking price. Single-family homes sell for a median price of $467,000 within an average of 23 days.
Condominiums: 39% of the condominiums sold for more than the asking price, 16% sold for the asking price and 45% sold for less than the asking price. Rosemont condominiums have a median price of $393,000 and sell on average in 36 days.
Condominiums: 50% of the condominiums in Villeray sold for more than the asking price, 12% were sold at the asking price and 38% were sold below the asking price.
Single-family homes: 44% sold for more, 12% sold for the asking price and 44% sold below the asking price. Single-family homes have a median price of $500,000 and sell on average in 27 days.
In general, we notice that few properties sell for the asking price. Single-family homes, plexes and condominiums are most frequently sold above or below the asking price.
The time required to sell is obviously affected. Properties sold at higher prices in these three neighbourhoods combined sell much faster (within 15 to 30 days) than properties sold below the asking price (often within 50 days or more).
And elsewhere in Quebec?
JLR Real Estate Solutions, an Equifax company, offers quarterly reports on the Quebec real estate market.
The real estate markets in the Saguenay, Trois-Rivière and Gatineau regions were particularly active during the last quarter, with sales increasing by more than 10% for all these regions.
Exceptional median prices: the median price of single-family homes exceeded $250,000 for the first time, reaching $255,000.
Is this a good time to buy or sell a property?
According to the same report, an economic analysis of Quebec suggests that 2019 should end on a good note for the real estate market. Relatively low interest rates are not curbing demand and the general economic situation is allowing the Quebec real estate market to grow strongly.
Would you like to take advantage of the current market’s strength? Contact one of our brokers now, with no obligation on your part.