October/November Sales: Under Water

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The Westmount real estate market spent its second consecutive month underwater in November, as the average price:valuation ratio stayed below parity, that is, the total sale price was less than the total valuation of the houses sold both in October and November.

With another three late-reported sales in October, bringing the total to seven single-family sales, then 10 sales in November, the October average was -10.9 percent and the November average only slightly higher, at -4.4 percent. The October list included one sale at $5,775,000 and only one other over $2 million; in November there were four sales over $2 million, leading up to a high of $2,737,500. The October list counted just one price:valuation ratio over one; in November, there were two, with the highest mark-up at 25.7 percent and the other at 10.4 percent, all the others ranging from -0.9 to -14.6 percent.

The result is to bring the average price in Westmount below $2 million for the second time this year at $1,985,139, though in March it dipped to $1,707,778 with nine sales. Looking at the “typical” Westmount house, its value in November dipped to just below $2,400,000, about where it stood in December, 2020.

Only one condominium sold in November and added to two which sold in October, bringing the fourth-quarter statistic to only three, with December sales still to come. Of the three, two sold for less than their respective valuations, so it seems that market is no stronger than the one- and two-family sales. Two co-op sales in November fared no better, with sale prices lower than the proportionate evaluations.

The October/November market was busier in adjacent-Westmount, including the highest price for a house, $9,500,000 just east of the city limits, though that was one of two sales over $2 million while five single-family houses (and two triplexes) ranged between $1,300,000 and $1,880,000.

With the fall market ready to shut down for the holidays, the number of listings for Westmount houses dropped from 97 in mid-November to 85 a month later, with a 33-percent drop in houses priced under $2 million. We are back again to a list which has nothing for sale under $1 million, still four houses asking over $10,000,000. The rental list has dipped slightly, to 33 from 35 houses, with no new rentals in the past month.
To all the agents and friends, sit back, relax and enjoy the holidays, May you all have a happy and prosperous new year 🎉

Posted by andy November 2023

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