September Sales: Crazy Autumn

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Three sales over $3 million and one more over $4 million graced the top of Westmount’s sales list in September, and the lowest price of the month involved a duplex which was put on the market asking $999,000 and sold nine days later for $1,220,000. Thus it is obvious we have gotten into the fall selling season in a rush, turning a slow summer into a crazy autumn.

Nine one- and two-family properties were reported sold in September for an average price of $2,510,556, while in August among seven sales the average was $1,271,786, and the highest price was only $1,650,000. More important, the nine houses sold in September went for an average 35.6 percent more than their municipal evaluations, slightly higher than in August when the figure as 31.5 percent. Still, that 35.6 percent figure included one multi-million house which sold for almost 12 percent less than the tax assessment, heavily influencing the average. Another house sold for more than double its valuation and three others were more than 50-percent mark-ups, more proof that the market is storming ahead.

On the other hand, three of the nine sales had been on the market for more than a year and one more for almost eight months, moving up the average days-on-market to 262 days compared to only 98 days in August and 71 days in July.

Four condominiums sold in September, boosting the third-quarter total to 14 sales with an average price of $931,929 and an average mark-up of 34.8 percent compared to municipal evaluation, up from 31.4 percent in the second quarter and 16.5 percent in the first quarter of 2019.

Four houses sold in the adjacent-Westmount sector of Notre Dame de Grâce, where the average price so far this year is $1,372,058, and three sold in the southern part of Côte des Neiges, where the 2019 average is $1,603,765, closing in on the averages for east-of-Westmount ($1,758,500) and the “Golden Square Mile” ($1,728,750). In fact, the latter two averages are lower than 2018, while in Côte des Neiges and NDG they are higher.

The volume of house listings changed very little in the past month, but the 131 homes available in Westmount is substantially higher than it was at this time last year (97 listings).

One more house rental was posted in September, bringing the year’s total through September to 34, of which four had rates over $10,000 per month. None of the 47 house rentals posted in 2018 made the $10,000-plus range.

Posted by andy Posted in: Monthly Analysis No Comments » September 2019