May Sales: Playing Tricks

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Statistics for the most recent months in Westmount real estate sales show some confusion as late-posting agents added five more house sales to our April list, which now includes 12 of 15 sales at less than $2 million, and then posted nine sales in May, of which five were for more than $2 million. The top April price was $6,400,000 (for a house which had been on the market since 2017, according to our records), which brought the average price for April up to $2,159,000 but the median price was $1,800,000. Then in May the average price was $2,256,111 while the median was $2,020,000, a more than 10 percent hike in the median.

As if that wasn’t enough, In May the top price was $4,000,000 for a house with a valuation of $4,750,000, while April had one house which sold for more than double its tax value, so even if the actual sales get thrown out for statistical purposes, their influence is felt by the overall averages. We also note that the latest sale date in the May list is May 17, so we would expect that agents are again taking their time posting later sales agreements, which hopefully will come soon.

On the other hand, the number of available listings for Westmount houses jumped from 61 in mid-May to 74 in mid-June, with increases in every price range (except $10 million-plus). The number of house rentals is soaring, with 26 houses rented by May this year, compared to 13 in the same time period last year and 21 the year before.

Only two condominium sales were posted in May, including one at 4700 St. Catherine St. which brought a price of $1,875,000; the other was a flat in a former triplex on St. Catherine St. which brought $601,000. Five more condo sales in April bring the second-quarter average price to $935,800, down from $1,027,938 in 15 sales during the first quarter of the year. However, the average mark-up over valuation in the second quarter was 32.8 percent, up from 19.8 percent in the first quarter, so things are looking positive in this category, with June sales still to be added to the second quarter.

One co-op apartment at 4444 Sherbrooke St. was negotiated in May, one of seven sold so far this year, four of which were at 2 and 3 Westmount Square. Apartments there are selling for prices between $810,000 and $1,575,000.

Posted by andy Posted in: Monthly Analysis No Comments » May 2021