Thursday, April 2, 2009
Fewer Sales But Higher Prices
The Greater Montreal Real Estate Board has just released its March sales numbers. It's a mixed bag, but we'll take it!
MLS sales for the month were down 12 per cent compared to March, 2008. Still, that's an improvement over February, when sales declined 30 per cent, or January, when sales were off by 37 per cent.
Despite the decline in transacations and a growing inventory of properties, prices are holding steady. The average single-home price rose by 1 per cent, while the average price of a condo rose by 2 per cent and the average plex (2- to 5 units) rose by 3 per cent last month.
Not all parts of greater Montreal fared the same during March. Sales were down by 4 per cent in Laval, 11 per cent on Montreal island, 14 per cent on the South Shore and a whopping 27 per cent in Vaudreuil-Soulanges, off the western tip of the island.
I'm curious about the large dip in Vaudreuil Soulanges. The area has seen a tremendous build up in recent years, perhaps there's surplus inventory of new construction putting pressure on the resale side. Maybe fear about the return of $1.50 a litre gasoline has people rethinking life in the far distant 450. Maybe it's a one-month anomoly thay will right itself next month.