November Sales: Two over $10M

Click to download

The Westmount real estate market made another important “first” in November, though the graph may not show it yet, as agents posted not one but two sales over $10 million, the first time that has happened in the city’s history. To date the city has registered nine sales over $10 million, the latest being the $16,750,000 paid for 775 Lexington Ave., in August this year. The two sales agreements last month included one at $17,000,000 and the other at $12,500,000, bringing the raw average for the month to $4,696,500, with one more over $3,000,000 and three others above $2,000,000.

Volume dropped from 17 in October to 10 in November, suggesting the market may take a pause during the holiday season, but the hint that buyers are ready to pay handsome prices for some of Westmount’s mansions brings some hope as we enter the spring market. Almost as surprising as the top end of the market is, the lowest price agreed to in November was $1,750,000, the highest minimum price since September of 2023.

The average mark-up over city valuation was 22.3 percent, a figure affected largely by the 75.4-percent mark-up found in the $12,500,000 sale. The biggest mark-down was 13.5 percent, one of only three mark-downs for the month. Unfortunately, the removal of highest and lowest prices and price:valuation ratios makes the monthly graph look quite tame, but still strong after a sharp drop at the end of 2023.

Six condominium sales in November added to only three in October to bring the fourth-quarter total to nine, with December contracts still to be posted. Of the nine, two were over $2 million, another two over $1 million and the rest reaching down to $765,000, all apartments except one townhouse-type condo at the corner of Lansdowne Ave. and Sherbrooke St.

Two co-op apartment sales were posted for the Westmount Square complex in November, bringing the number of apartments sold there during the year to nine, so far; other co-op buildings that have had multiple sales this year include 376 Redfern Ave. and 4444 Sherbrooke St.

Five sales were posted by agents in adjacent-Westmount areas, with houses on Barat Rd. and Mira Rd. getting prices over $2 million, the rest over $1.2 million. only one of the five for less than valuation. So far 44 houses have been rented in Westmount this year, with another 19 still available for rent. asking anywhere from $4,500 to $25,000 per month.

The number pf available listings has dropped sharply from 133 in mid-October to 109 in mid-December, a seasonal habit as many agents close down for the holidays. Let me take this opportunity to wish them — and all my readers — a wonderful holiday season.

Posted by andy Posted in: Monthly Analysis No Comments » November 2024