August Sales: Slight Improvement

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Seven residential sales in Westmount hardly makes a strong monthly volume, but in fact it is higher than five sales in either June or July, and the adjusted average p[rice of a Westmount home edged up ever so slightly, staying above $2.6 million for the eighth month in a row.

The highest price for August, $7,379,000 for a renovated house on Sunnyside Ave., barely tucked under the $7.4 million price paid in April for a house on Braeside Place. Another house on Forden Ave. went for $5,100,000 in August but otherwise nothing sold above $2.5 million. A duplex on Victoria Ave. brought its owner $1,300,000 and an attached cottage on Clandeboye Ave sold for $1,400,000, the lowest prices in August.

The overall average mark-up over valuation remains (more or less) stuck at about 50 percent (50.8 p[ercent average for both July and August), and though the highest mark-up was well over 150 percent for the Sunnyside property, that figure gets removed for statistical comparison. On the low side, the August minimum of a 6-percent markup makes that the ninth straight month without any mark-downs and, including one last November, one of only two house sale mark-downs since January 2021.

And while June of 2022 recorded five condominium sales, only one was posted for July and one more for August. The former involved a unit in a low-rise apartment building and a price of $830,000 while the latter was a portion of a converted dup[lex which sold for $1,136,000; between them, the two rendered an average mark-up of 51.7 percent, relatively close to the average for one- and two-family dwellings.

Only six single-family dwellings sold in adjacent-Westmount districts in the last three months, all for over $1 million.

Posted by andy Posted in: Monthly Analysis No Comments » August 2022