The latest official statistics from Centris and the Professional Association of Real Estate Brokers in Quebec (APCIQ) have just been released. Impact of COVID-19 on the real estate market … market dynamics in Montreal and Ahuntsic… I am giving you my analysis for this 3rd quarter of 2020!
Summary of real estate statistics for Montreal in September 2020 (number of sales, number of active listings, median price)
Number of sales
In September 2020, 5,147 residential sales were concluded in the census metropolitan area (CMA) of Montreal, an increase of 42% compared to the same period the previous year. This is a historical record for this time of year. The Ahuntsic-Cartierville district followed the same trend and recorded a 26% increase in the number of residential sales. Cumulating since the beginning of the year and comparing it to the first 3 quarters of 2019, all the transactions “lost” in the spring due to the confinement seem to have been caught up. Good sign for the market!
Number of Active Listings
There is currently a shortage of properties for sale in the Montreal CMA since the number of properties available for sale continued to decline with 14,148 active listings at the end of September. This corresponds to a decrease of 16% compared to September 2019. Regarding Ahuntsic-Cartierville, the number of active listings stabilized and returned to the same range as the previous year at the same period, i.e., approximately 370 properties for sale at the end of September.
Price
New all-time highs were set in prices for all property categories. Across the Montreal CMA, the median price of single-family homes jumped 21% compared to September 2019. As for Ahuntsic-Cartierville, the median price of single-family homes stabilized and was essentially the same at the end of September 2020 than the previous year. But the trend was quite different for condominiums and income properties, categories for which we observed a respective median price increase of 21% and 18% in Ahuntsic-Cartierville!
Sales times
“With an average time of just 46 days to sell a property in the Montreal region, a new historical record has just been broken for this time of year, which reflects extremely tight market conditions in favour of sellers, including for properties that are less desirable in normal times,” underlines Charles Brant, director of market analysis at the APCIQ.
To be accompanied
Whether you are a seller or a buyer, in such a market, it is even more important to be accompanied by a real estate professional, who will be best able to guide and advise you, to make your project a success with complete peace of mind.
Do you want to sell your property in Montreal? Are you looking for your future property? We should talk to each other! Call me at 514 975-1133!
