August Sales: A Little Weak (plus one biggie in late July)

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Only five single-family dwellings sold in August this year, after 13 sales were posted by local realtors as having sold in July, and six condominium sales in August showed that they were more popular — at least for the month — than houses.

Two late additions to the July list included one $12 million agreement, perhaps encouraging some of the homeowners of more expensive property that there is still a market out there. That would become the fourth-highest price in Westmount’s history and the highest since 9 Gordon Crescent sold in October last year for $23,000,000.

In August, the five prices ranged from $1,300,000 to $3,240,000, with one selling for almost 20 percent under the city valuation while another, way out of line with any of the others, brought its vendor 66 percent more than its tax value. The average of the five sales was $2,282,600, and the average mark-up over valuation was only 5.6 percent, down from 10.4 percent in July, but still the average adjusted value inched up from $2,744,192 to $2,746,766.

The six condominium sales ranged from $580,000 for a flat in a former triplex on St. Catherine St. to $2,100,000 for one of three apartments which sold at Château Westmount Square, 4175 St. Catherine. These, added to one condo sale in July and whatever transactions are arranged in September will give us a statistic for the third quarter of 2023; so far the average mark-up is -0.3%, thus almost exactly the municipal valuation for condos. There were 17 condo sales in the second quarter of the year, so it looks like the popularity of condominiums is coming back after a fairly poor volume in 2022.

Adjacent-Westmount sales included two more on Roslyn Ave. north of the city limits, bringing the total on that street alone to eight in 2023, for prices ranging from $1,150,000 to $1,900,000 and all but one selling below the 2023 valuation. One other sale on Victoria Ave., two in eastern Notre Dame de Grâce and two others east of Westmount completed the list.

Three more houses have been added to the rental list for Westmount, which brings the total to 36, compared to 33 for all of last year. Rental rates this year go for $3,800 to $15,700, and at press time some 25 houses were still on the market.

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