Tuesday, May 5, 2009

April Resales - Fewer Transactions, Prices Hold Steady

The Greater Montreal Real Estate Board confirmed what agents on the ground have been sensing, that April was a quiet month for Montreal resale market.
The board reports that residential resales declined by 6 per cent to 4,829 sales last month compared to the same month a year ago. April, 2008 was one of the busiest months on record, according to the GMREB.
As for prices, single-family values held steady last month, neither rising nor falling, while the average condo price crept up by 5 per cent. If you break out condo sales on the island of Montreal alone, prices rose by an average of 7 per cent. The average plex (two- to five nuts) edge up by 1 per cent.
Buyers are taking a little longer to make their choice, with the typical property staying on the market 80 days, compared to 67 days a year ago.
The number of active listings has increased by 10 per cent, year over year, to 28,322.

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