August Sales: Summer Slowdown

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August is generally among the slowest months of the year for negotiating sales in Westmount (with the exception of December), and this year was no exception. Only five new sales have been reported so far, up from two in August last year but otherwise below average for the month. Prices were in a very small range between $900,000 and $1,250,000, all for houses listed within the year so the average days-on-market moved down to 115 from 240 in July.

Only one of the five sales went for less than municipakl valuation, but the top of the range was just 16 percent over valuation, and the average was a five-percent markup. For the year to date, among 103 sales, prices are running at 99.9 percent of valuation, so it is fair to say that overall prices are just about exactly the same as they were in 2012, the base year for the current valuaiton roll.

Condominium and co-op sales reached a complete stall in August, after agents reported six condos and one co-op apartment in July.

Adjacent-Westmount was a bit more active, however, with one sale reported on Marlowe Ave. and two just to the east of Westmount, including the only $2 million-plus sale in the month, on Jean Girard Ave. Adjacent-Westmount markups are generally up over last year, especially ihe areas east of the city, including the “Golden Squiare Mile.”

As we move into September and the fall real estate market, it appears most sellers are holding onto their asking prices. In the past month the number of listings has increased from 135 to 145 Westmount single-family homes, some 45 percent of which are asking over $2 million.

Posted by andy Posted in: Monthly Analysis No Comments » August 2014