July Sales: Taking a Breather

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Only four Westmount single-family sales have been posted by local agents as having been settled in July, while another three sales were added late to the June list, and things are starting to look busy for August as well. So while the market appears languid in July, the tally increased to eight one- and two-family sales in June, and 15 condominium sales in the second quarter of 2024 show a healthy interest in Westmount real estate. Another three condo offers were accepted July, showing mark-ups over valuation of 27, 30 and 31 percent, beginning the tally for the third quarter of 2024 with a fairly precise notion of where the market stands.

The four July residences included one sale at nearly $6 million and one other just over $1 million, with the other two both under $2 million. The highest price also represented the highest mark-up over valuation, by a long shot: the 64.3 percent mark-up was far from the ±10 percent for the other three. Still, the average of the four is a 27.5 percent mark-up, about the same as the average 29.5 percent mark-up among condos, and the three low prices plus the one very high price came to an average just over $2,700,000, up slightly from the raw averages for the previous six months.

Adjacent-Westmount areas were nearly as busy as the city proper, with six home sales in June and three more in July (so far posted), showing some wild swings: a house on Ponsard Ave., north of the city, sold for more than $4 million with a mark-up of 61 percent over valuation; another on Marlowe Ave. sold for 18.8 percent below evaluation, one of five mark-downs among the nine sales in the adjacent-Westmount area.. The Côte des Neiges area has recorded 17 sales so far this year and the Notre Dame de Grâce area counts 14 one- and two-family dwellings, averaging 5 and 3 percent mark-ups, respectively. Among only six sales in the Trafalgar-Daulac area just east of the city, the average is a 0.26-percent mark-down. For the downtown “Golden Square Mile,” the prices of three sales are all in the lower $1 million range, all with mark-downs between 29 and 43 percent, and no sales have been posted since March.

As of mid-August, the number of available listings has dropped by only one, to 133, but with fewer asking less than $2 million and increases in most of the other price ranges, including two more asking over $10 million. Houses for rent in Westmount have jumped from 22 to 26, and agents report 32 rentals so far this year, compared with 33 as at the same time last year.

Posted by andy Posted in: Monthly Analysis No Comments » July 2024