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November Sales: Easing Off

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Volume stayed high but prices eased off in the Westmount real estate market in November, with a dozen sales negotiated in the month, only three for less than $1 million.

The highest price among sales posted last month was $1,700,000, and though there is still plenty of inventory available in the $2 million category, it is hard to find buyers for Westmount’s more distinguished properties. That may be why volume so far this year is only 134 sales, the lowest year-to-date figure since 1995, the year of the provincial sovereignty referendum. Certainly this year, the height to which prices have risen makes the number of potential buyers much smaller.

On the low side, two sales were posted for $600,000 and $640,000, helping hold the average price in November at $1,210,000, well below the $1,338,786 average for October, but in fact the average markup over (2007) valuation rose to 136 percent compared with 123 percent in October. In comparing to the new (2011) valuations, only two of the 12 sales were for less than the city assessment, while in October a stunning eight of 14 were markdowns.

There were no new condominium sales in November and only one in October, an indication that those who are buying at this time of year are ready to put up the cash required to make a substantial investment in Westmount real estate, and they expect a good return down the line. The slight reduction in prices means that they are safer than they would have been investing last spring.

Two houses sold in adjacent-Westmount areas, one in the Circle Road area and one in Shaughnessy Village, along with two apartments at Fort de la Montagne, 3577 Atwater Avenue. This is another indication that buyers are more intent on investing their money in the lucrative Westmount market.

Agents have indicated that there is still plenty of interest and the market may not be interested in settling back for the holidays. But while the pulse continues, let me take this opportunity to wish all my readers a very pleasant holiday season.

Posted by andy Posted in: Monthly Analysis No Comments » November 2010