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May Sales: Late Spring

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Most agents agree that 2011 has been a very late season for Westmount real estate, but in fact prices are rising, there is plenty of demand out there, and finally, listings to meet that demand. At least 27 houses came on the market in May and at least six of them sold right away, bringing down the average days-on-market for 21 sales in May to 88, compared with 116 days on the market for April sales.

The 21 sales in May averaged almost $1.3 million, with one price as high as $3.7 million  and two others over $2 million. The lowest price was $549,000 and there were two others of less than $800,000, but the large bulk of sales was in the range from $825,000 to $1,500,000. The average markup over valuation moved up to 18 percent and the “typical” Westmount house, evaluated at just over $1.2 million, now is worth close to $1,400,000, the highest adjusted average in Westmount’s history. Since prices generally peak in spring months this may not portend the future of local real estate, but because the activity continues to be strong, we might see prices continue to increase for a couple of months at least.

Three condominiums, all in former duplexes or triplexes, sold in May in a very tight range between $506,000 and $529,750, giving buyers a good idea what to expect if they are in thie market for made-over duplexes and triplexes. So far in the second quarter of 2011 the average markup is only 8 percent, down from almost 20 percent in the first quarter of the year, but in fact the average for all condominium sales this year is up 12 percent from last year.

With the interest billowing in Westmount real estate, things are not quite as strong in adjacent-Westmount areas, though three sales were posted in the southern Côte des Neiges district, just north of Westmount’s city limits. Prices are generally higher, with houses and full duplexes selling between $765,000 and $1,040,000, condos and co-operative flats selling between $399,000 and $595,000.

House rentals arranged by agents appear to be on the increase, with 15 homes rented so far this year for amounts from $2,450 to $7,000 per month, compared with 11 rentals arranged in the first five months last year.

Posted by andy Posted in: Monthly Analysis No Comments » May 2011