February Sales: Low Volume, Prices

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A somewhat wistful month of February showed some signs of an improving Westmount real estate market, but it was based on only six sales, all less than $3 million and three less than $2 million. The average price of $2,128,333 was much lower than the January average of $2,861,667 (based on another six sales), but the average mark-up over valuation in February was 11.6 percent compared to 4.8 percent in January. For all of last year the average was $2,667,349 and the average mark-up was 7.7 percent, so the best we can say is that the market direction should start to appear as we get into the stronger spring real estate market.

Condominiums, on the other hand, are selling almost as quickly as houses, with nine sales in the first two months of 2025, seven of which were priced between $1,050,000 and $1,320,000; the other two went for $816,000 and $650,000. Most notably, four of the seven sold above the asking price, though five of the seven sold below valuation and the average of the nine sales was -1.4 percent. In the last quarter of 2024, by comparison, the average mark-up of 12 sales was 2.8 percent and two of the sales were for more than $2 million.

So far in 2025 agents have reported four co-op apartment sales, one at 388 Olivier Ave. and three at 2 Westmount Square, including a penthouse apartment that sold for more than $3 million. It is also important to note that sales agreements are starting to occur in the remake of the old Royal Montreal Regiment Armoury, on Hillside Ave. opposite Westmount High School and the Westmount Athletic Grounds; no pricing details are available yet.

In adjacent-Westmount, the Côte des Neiges and Trafalgar-Daulac areas were most active in the past two months, with two houses, a duplex and two shares of buildings just north of the city limits, a house on Trafalgar Rd., one apartment at Fort de la Montagne on Atwater Ave. and three co-op apartments at 3940 Côte des Neiges Rd., all just east of Westmount. The adjacent-Westmount houses, which include one on Marlowe Ave. just west of Westmount, sold between $1,360,000 and $2,436,000; all of the apartments and share sales went for less than $1 million.

The coming of spring brings with it a sharp increase in the number of listings, already up from 109 in mid-February to 133 in mid-March, with almost all of the increase in the number between $1 and $2 million, up from 23 to 43. House rentals actually dropped by one, and the year has started off with seven rentals posted by agents, with monthly rates between $4,800 and $9,000 per month.

Posted by andy Posted in: Monthly Analysis No Comments » February 2025