In December, Montreal witnessed a four percent dip in home sales compared to the previous year, according to the Quebec Professional Association of Real Estate Brokers. The total home sales in the region for the month amounted to 2,096, down from 2,191 in December 2022. Throughout the year, the Montreal area experienced an overall sales activity decline of 14 percent.
Despite the decrease in sales, the median price of a single-family home in December rose to $535,000, marking a five percent increase from $510,000 a year earlier. Condominium prices also saw an uptick, with the median price reaching $391,000, up four percent from $375,000. Plexes, on the other hand, had a median price of $699,000, reflecting a two percent increase from $685,000 in December 2022.
Breaking down the sales by property type, single-family home sales totaled 1,052, a five percent decrease from the 1,110 sold a year earlier. Condominium sales witnessed a more significant drop, amounting to 777, marking a 10 percent decline from the 863 sold in December 2022. However, plex sales experienced an increase, rising to 264 in December compared to 215 a year earlier.
The surge in home prices could be attributed to the limited supply, as active listings for December jumped 19 percent compared to the previous year, reaching 15,907. Concurrently, new listings rose by 12 percent, totaling 2,542. This suggests that although the demand might have softened, the market is still characterized by a considerable inventory.
The statistics indicate a complex scenario in Montreal's real estate landscape, where a decline in sales coexists with a notable rise in property prices. Buyers may face challenges navigating this market, considering the increased competition and a larger pool of available properties. Sellers, on the other hand, might find an advantageous environment to maximize their property values.
As Montreal's real estate market continues to evolve, it becomes crucial for both buyers and sellers to stay informed about these trends. Understanding the dynamics of supply and demand, along with the specific factors influencing each property type, can empower individuals in making informed decisions within this fluctuating market.
