Andy Dodge & Associates
Latest News
- April Sales: Hesitating
- March Sales: High Prices, Low Volume
- February Sales: Headed for New Heights
- January Sales: A New Plateau?
- December Sales: Prices Stay High
- November Sales: Staying Strong
- October Sales: Shaky but Solid
- September Sales: On Hold
- August Sales: Settling back
- July Sales: Lower Prices Abound
Monthly archives
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- April 2008
Search
September Sales: Low Volume again
Westmount real estate prices climbed again in September but the statistic is based on just four sales, in a range between $980,000 and $1,739,000 with an average of $1,308,500. And late last month agents finally reported more sales in July and August, including two higher than $2 million, bringing to six the number of $2 million-plus sales this year. Thus is might be said that there is still a market for the higher-priced houses in Westmount, but the problem now is volume.
So far in 2009, 108 one- and two-family houses have been sold in Westmount, some 27 percent lower than average and the lowest year-to-date number since 1994, just before the Quebec sovereignty referendum. While we would expect more sales to be posted in the next few weeks, there is little chance volume can recover from its 15-year low.
Basically, prices have held up but there are fewer buyers with the funds to be able to afford those houses. This should eventually lead to a downturn in prices, but at least for now the sellers are holding out. The average markup for September is low, but because volume is so small it becomes difficult to gauge the effect on prices.
Three condominium sales in September, two apartments and a part-duplex, bring to nine the number in the third quarter of 2009, about the same volume as in the third quarter last year and one less than in the second quarter this year. The third-quarter price range was between $250,000 and $970,000; so far this year three sales have been logged at over $1 million, all in the second quarter.
Two houses sold in the “Golden Square Mile” area of Montreal in September, and two more just east of the Westmount city limits, all for prices from $505,000 to $800,000. There were no house sales in the other adjacent-Westmount areas. The six highest-priced homes in adjacent-Westmount all sold in June and July, but averages were down slightly in the last two months.
October and Novermber usually are the best months for the fall “mini-market,” so if there is to be any recovery in terms of volume, now is the time it must happen.
Posted by andy 
Posted in: Monthly Analysis 
No Comments » 
September 2009