November Sales: Staying Strong

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Volume and prices stayed strong in Westmount in November, defying the doom and gloom which some agents still seem to worry about. Nine one- and two-family houses sold for an average $1,680,444, all but one of them over $1 million and all the way up to $3,450,000, the fifth-highest price negotiated this year.

The “typical” Westmount house is now selling at about $1,500,000, a level it has maintained since March this year, meaning the average markup is hovering around the 25-percent mark when compared to the municipal evaluation. While six sales were recorded in a range between $685,000 and $975,000 in October, only one house in November sold in that range, at $789,000. The latest figures show only 20 houses being offered for less than $1 million, while 60 have prices over $2 million. So far this year agents have posted sales of 144 houses through November, compared to 151 for 11 months last year and 137 in 2010, so volume is still reasonable.

Condominium sales volume is higher this year than last, but the average price of $748,016 is almost exactly the same, and the markup of 19 percent compares to the average of 18 percent for all of 2011. Still, the average price for condos is up almost 20 percent compared to 2010. Only two condo sales were posted in the fourth quarter of last year; so far in 2012 we have six sales, with December still to come.

Adjacent Westmount was busy, too, with two house sales in each of the districts except eastern Notre Dame de Grâce, where none were reported. Obviously the “Golden Square Mile” area of Montreal leads the way in terms of prices: six houses have sold so far this year, all for over $1 million. Only one house in eastern NDG and three in southern Côte des Neiges can claim the same price bracket, and in the “Tradau” (Trafalgar-Daulac) district, seven of 16 sales are for more than $1 million.

Now we should relax for the next month and get ready for a busy spring season in Westmount. Let me wish all the agents and staff of the local realtors, as well as all my readers and friends in Westmount, a healthy and happy holiday season and a prosperous new year.

Posted by andy Posted in: Monthly Analysis No Comments » November 2012