June 2021 Montreal Real Estate Market Update
20 Jul 2021
Up, Up Up the prices are Up, the market is strong, but will it last? Well all good things must come to an end at some point, but as to when that’s anybody’s guess!
What's going on in the Real Estate market in Greater Montreal Area? Now let’s look at the numbers:
Overall in June 2021, Montreal single home sales were down 18%, inventory was down 37%, median sales prices increased to $508,000 - an increase of 29% over the prices in June last year, average days on the market were 25 days.
Condo sales were 3% up, inventory was 4% down, median sales prices were up to $365,000 dollars - an increase of 20%, average days on the market were 35 days.
The sales activities were slowing down in June due to low inventory, and we are still in a seller’s market. However, the interest rates are up, if more and more home owners feel comfortable to put their houses on the market because of a better pandemic situation, the supply will go up, real estate market will become more balanced! So you are thinking of taking advantage of the current market, well maybe right now is the best time to cash out the home equity you have accumulated. Let’s connect and chat! A price increase of 20, 25% year over year? Well, That just doesn’t happen!
If there's any other questions I can answer, please don't hesitate to connect.
Sophie Ou 1-514-898-6088
