Home sales in the Greater Montreal area increased 4 percent in October from a year ago, while average home prices posted even larger gains, according to statistics released by the Greater Montreal Real Estate Board.

A total of 3,836 sales were recorded on the S.I.A./MLS network in October, up 4 percent compared with the 3,676 sales recorded for the same month last year. Since the beginning of the year, 42,596 properties have changed hands, a 2 percent increase compared to the same period in 2004.

The average price of a single-family home sold in the Greater Montreal area was 9 percent higher, reaching $209,000, compared with $192,000 in October 2004.

“When analyzing our statistics, we notice that 6 out of 10 properties (60 percent) are sold within 60 days or less and barely 1 out of 10 (8 percent) is sold in more than 181 days”, said GMREB Chief Executive Officer Michel Beausejour.

In Greater Montreal, the average selling time for a residential property (all types) is 72 days, up 6 percent from 68 days a year earlier.

As for the number of active listings, the inventory has increased since 2004, but remains fairly stable since the beginning of the year. For the period ending Oct. 30, there were 32,261 residential listings on the S.I.A./MLS network, compared with 28,548 a year earlier.

The Greater Montreal Real Estate Board is a non-profit organization with more than 9,000 members, real estate brokers and agents.

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