Although second quarter sales decreased slightly by 4 per cent compared to the second quarter of last year, overall year-to-date sales in the province of Québec increased by 13 per cent, reported the Québec Federation of Real Estate Boards (QFREB). Prices in all categories continued their increase.
“The second quarter decrease in sales is no surprise because the first quarter market was extremely busy due to consumers getting back into the market after the recession,” said Michel Beauséjour, FCA, Chief Executive Officer of the QFREB. “The strong activity at the start of this year contributed to the overall year-to-date increase in
sales of 13 per cent,” he added.
In terms of property categories, condominiums performed well in the second quarter of the year, registering a 1 per cent increase in sales compared to the same period last year. Plexes followed with a slight decrease in sales of 3 per cent, while single-family homes posted a 6 per cent decrease in sales.
As for prices, half of all single-family homes sold across the province in the second quarter of 2010 were sold at a price higher than $213,000, a 9 per cent increase compared to the second quarter of last year. The median price of condominiums reached $196,849, a 9 per cent increase compared to the same period in 2009, while
that of plexes increased by 10 per cent to reach $320,000.
“We’re currently in a seller’s market. This explains why prices continue to increase despite the decrease in sales in the second quarter,” said Michel Beauséjour.
Activity in the Metropolitan Areas: Gatineau and Montréal Stand Out Results for the second quarter of 2010 vary considerably from one metropolitan area to another across the province. The Gatineau area performed well with a slight 1 per cent decrease in sales compared to the second quarter of 2009. This stability in sales is due to the increase in plex sales (+43 per cent) and condominium sales (+16 per cent), while single-family home sales decreased by 7 per cent. As for prices, the median price of single-family homes increased by 7 per cent in the second quarter of 2010 to reach $210,000. The median price of condominiums increased by 11 per cent to reach $154,800, while that of plexes increased by 1 per cent to reach $242,500.
The Montréal area followed closely with only a 4 per cent decrease in sales in the second quarter of 2010 compared to the same period last year. As for prices, the median price of single-family homes increased by 9 per cent in the second quarter to reach $255,000. The median price of condominiums increased by 8 per cent to reach $210,000, and that of plexes increased by 10 per cent compared to the same period in 2009, to reach $384,250.
Between April and June 2010, there were 471 sales transactions in the Sherbrooke area, a 12 per cent decrease compared to the second quarter of 2009. In terms of prices, the median price of a single-family home increased by 11 per cent to reach $185,000, while that of plexes increased by 18 per cent to reach $225,000. The median price of condominiums, at $140,000, remained relatively stable (-1 per cent) in the second quarter of 2010 compared to the same period last year.
In the Québec City area, sales decreased by 16 per cent in the second quarter of the year compared to the same period in 2009. The median price of single-family homes reached $220,000, a 13 per cent increase, while that of condominiums reached $180,000, a 15 per cent increase, and that of plexes reached $245,000, a 14 per cent increase, compared to the same period last year.
Sales in the Trois-Rivières area also decreased by 16 per cent in the second quarter of 2010 compared to the second quarter of 2009. But despite the decrease in sales, property prices continued to increase. The median price of single-family homes increased by 6 per cent to reach $145,000 and that of plexes registered a 17 per cent increase to reach $152,500.
Finally, sales in the Saguenay area in the second quarter of 2010 decreased by 24 per cent compared to the second quarter of 2009. As for prices, the median price of single-family homes increased by 7 per cent to reach $160,500, while the median price of plexes increased by 12 per cent to reach $157,000.
“The second quarter decrease in sales is no surprise because the first quarter market was extremely busy due to consumers getting back into the market after the recession,” said Michel Beauséjour, FCA, Chief Executive Officer of the QFREB. “The strong activity at the start of this year contributed to the overall year-to-date increase in
sales of 13 per cent,” he added.
In terms of property categories, condominiums performed well in the second quarter of the year, registering a 1 per cent increase in sales compared to the same period last year. Plexes followed with a slight decrease in sales of 3 per cent, while single-family homes posted a 6 per cent decrease in sales.
As for prices, half of all single-family homes sold across the province in the second quarter of 2010 were sold at a price higher than $213,000, a 9 per cent increase compared to the second quarter of last year. The median price of condominiums reached $196,849, a 9 per cent increase compared to the same period in 2009, while
that of plexes increased by 10 per cent to reach $320,000.
“We’re currently in a seller’s market. This explains why prices continue to increase despite the decrease in sales in the second quarter,” said Michel Beauséjour.
Activity in the Metropolitan Areas: Gatineau and Montréal Stand Out Results for the second quarter of 2010 vary considerably from one metropolitan area to another across the province. The Gatineau area performed well with a slight 1 per cent decrease in sales compared to the second quarter of 2009. This stability in sales is due to the increase in plex sales (+43 per cent) and condominium sales (+16 per cent), while single-family home sales decreased by 7 per cent. As for prices, the median price of single-family homes increased by 7 per cent in the second quarter of 2010 to reach $210,000. The median price of condominiums increased by 11 per cent to reach $154,800, while that of plexes increased by 1 per cent to reach $242,500.
The Montréal area followed closely with only a 4 per cent decrease in sales in the second quarter of 2010 compared to the same period last year. As for prices, the median price of single-family homes increased by 9 per cent in the second quarter to reach $255,000. The median price of condominiums increased by 8 per cent to reach $210,000, and that of plexes increased by 10 per cent compared to the same period in 2009, to reach $384,250.
Between April and June 2010, there were 471 sales transactions in the Sherbrooke area, a 12 per cent decrease compared to the second quarter of 2009. In terms of prices, the median price of a single-family home increased by 11 per cent to reach $185,000, while that of plexes increased by 18 per cent to reach $225,000. The median price of condominiums, at $140,000, remained relatively stable (-1 per cent) in the second quarter of 2010 compared to the same period last year.
In the Québec City area, sales decreased by 16 per cent in the second quarter of the year compared to the same period in 2009. The median price of single-family homes reached $220,000, a 13 per cent increase, while that of condominiums reached $180,000, a 15 per cent increase, and that of plexes reached $245,000, a 14 per cent increase, compared to the same period last year.
Sales in the Trois-Rivières area also decreased by 16 per cent in the second quarter of 2010 compared to the second quarter of 2009. But despite the decrease in sales, property prices continued to increase. The median price of single-family homes increased by 6 per cent to reach $145,000 and that of plexes registered a 17 per cent increase to reach $152,500.
Finally, sales in the Saguenay area in the second quarter of 2010 decreased by 24 per cent compared to the second quarter of 2009. As for prices, the median price of single-family homes increased by 7 per cent to reach $160,500, while the median price of plexes increased by 12 per cent to reach $157,000.