September Sales: Almost everything over $1 million

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The notion that nearly every homeowner in Westmount is now a millionaire became clear last month as all but one of the eight sales in September  topped the $1 million mark. Volume returned to the market after a sluggish August, but still there were no sales over $2 million which appears to be the latest level of resistance. There are some 34 houses currently on the market for more than $2 million but no agreements to pay more than that since July.

The average of eight September sales was $1,336,750 and the adjusted price of the “typical” Westmount house hovered around the $1,475,000 level, showing continued confidence in the local real estate market even as predictions of another recession plague the stock market and the housing market south of the border. The only sub-million sale price was $900,000 and two houses sold for close to $1.7 million.

Average markup in September was 22 percent, which represents the overall market increase since mid-2009, about 10 percent of that in the past eight or nine months. Only one of the eight sales was below evaluation, and the highest markup was 54 percent. On average the houses took 96 days to sell, and it appears only one dropped its asking price during its time on the market, an indication the owners had confidence in the market.

The month also marked the sale of three condominiums, all apartments in high-rise buildings. For the third quarter of 2011 seven condos have sold for an average 28 percent above valuation, only two over $1 million and the rest between $700,000 and $815,000. Three co-op apartments, including two shares of duplexes and one apartment in Westmount Square, for prices in a narrow range between $459,000 and $500,000.

In adjacent-Westmount, another eight sales were posted in September, only one over $1 million while the rest sold for prices between $780,000 and $997,000. It would appear that those looking for prices under $1 million must resort to houses in eastern Notre Dame de Grâce (2 sales in September), southern Côte des Neiges (3 sales) or the older houses in the Trafalgar-Daulac and Golden Square Mile districts (3 sales). Though it is hard to give exact statistics, prices appear to have been improving in these areas, particularly north and west of Westmount.

Posted by andy October 2011

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