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October Sales: Volume, Prices Up

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Both volume and prices of Westmount real estate surged forward in October, as four houses sold over $2 million including the second-highest-priced sale so far this year.

One upper-Westmount house sold for $3,800,000, but in fact the price was only one percent above its municipal valuation, giving more evidence that many of the higher-pried properties are selling for lower markups than their mid-range counterparts, though this is not always the case.

The average price of 13 homes sold in October was $1,616,923, way up from the average $1,296,556 among nine sales in September, but in fact the average markup was an identical 19 precent for each of the months. For October, the lowest price was $790,000, one of four sales under $1 million. Markups ranged from 1 percent for the $3.8 million house to 42 percent, for one of the houses which sold under $1 million.

It can be said that prices in Westmount have doubled since 2001, and are up more than four times since 1986.

In October there were no condominium sales posted by local agents; the only non-single-family sale was a triplex on Chesterfield Avenue. Things were fairly quiet, too, in adjacent-Westmount with two homes, a triplex and a duplex-type condominium reported, mostly in the Côte des Neiges district just north of the city limits. Volume of sales in adjacent-Westmount is on a pace roughtly similar to last year, though there have been more sales in the Trafalgar-Daulac area this year , and considerably fewer so far in the Shaughnessy Village area.

Some agents have been sensing a slight softening of the market in the past few weeks, but certainly the statistics indicate otherwise.

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

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