June Sales: Whoops

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Westmount real estate took a sharp skid in June this year, falling back and wiping out a three-month gain in the local market. Volume dropped by more than half and sale prices were all modest by Westmount standards, with no sales over $3 million.

The highest price among seven sales in June was $2,750,000, while six sales over $3 million were posted by agents in the previous five months. The lowest price was $1,451,000, one of three sales for less than $2 million, and the average price:valuation ratio was 99.4 percent, dipping below parity after recovering for the past two months. The highest mark-up was 33.3 percent and the lowest mark-down was -33.5 percent; the average days-on-market climbed to 123 days while it had been less than 100 days in each of the previous two months.

Westmount’s condominium market was much stronger, perhaps an indication of buyer resistance to the upper portions of the price range, though in fact one condo at 1 Wood Ave. sold in June for $3,295,000, higher than any of the house prices agreed to in the month. In fact, six condo sales agreements were made in June, bringing the total for the second quarter of 2023 to 17 sales, averaging $1,286,941, in a range from $620,000 at 11 Hillside Ave. to the $3,295,000 for the 1 Wood condo, one of four sales in that building during the quarter. The 17 sales far exceeds the six sales posted in Westmount in the first three months of the year and tallies in as the highest quarterly volume for condo sales since the fourth quarter of 2021, when 21 sales were reported.

The number of available house listings dropped from 101 in mid-June to 95 in mid-July, with the biggest reduction in the $3 to $4 million category, and in fact there has been an increase of one in the $10 million-plus category.

Five more Westmount houses were rented in the past month, bringing the 2023 total to 28 rentals including two for more than $10,000 per month. There are still 25 houses for rent, including five asking more than $10,000 and as much as $18.000 monthly. So far this year the house rental range in Westmount is between $3,800 and $13,500 a month.

Adjacent-Westmount did not fare so well, either, with only one house selling in Côte des Neiges south of Queen Mary Rd., no new sales in eastern Notre Dame de Grâce, Shaughnessy Village or the “Golden Square Mile,” and two sales just east of the Westmount Border, both on Cedar Avenue. The one Côte des Neiges sale was, in fact, the sixth house to sell so far this year on Roslyn Avenue north of the city limits.

Posted by andy Posted in: Monthly Analysis No Comments » June 2023