Market Report For Downtown Montreal Condos - July 2010

Market Report For Downtown Montreal Condos - July 2010

July’s condominium activity in Downtown Montreal was a little below average with the MLS® system recording 19 sales. With 232 properties active in this sector for the second month in a row suggesting a levelling out for the summer months, inventory shot up to12.2 over 8.3 months in June.

The average price on July sales was down at $409,844 comparing with May’s $510,028 and June’s $607,338 on a low and steady discount level of 7% off the average last asking prices.

Properties sold in July averaged a little higher 115 days on market compared with June’s 76 days. The hot summer days and vacationers spending time away from the city would certainly help account for this longer sales cycle.

Downtown Montreal in real estate territory terms is divided East and West using University Avenue as the North South line. I report on the West sector we refer to "Centre-Ouest"; "Ouest" meaning "West" in French.