December Sales: Prices Even Out

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The Westmount real estate market has been almost stagnant in the past several months after rising rapidly in the early part of 2011, but there is plenty of volume which indicates there are still buyers out there ready to pay the million-dollar prices Westmount has to offer.

Though markups have dipped slightly in the past couple of months, the “typical” Westmount house price has has a value averaging $1,437,275 plus or minus one percent for every month since May.

Nine sales were reported by agents in December, bringing the year’s total to 160 sales compared with only 147 in 2010, more than half of them over the $1 million mark for the third year in a row. Two December sales were for more than $2 million and the lowest price was $866,000, one of three sales under $1 million. All of the December sales were for more than municipal evaluation, between 9 and 34 percent markups, with an average 19 percent.

For the entire year of 2011, the adjusted average price of a ‘Westmount home is almost exactly $1,400,000, up nine percent from 2010.

Only one condominium sold in December and the late reporting of one apartment sale in November rounds out the total condo list for the fourth quarter of 2011. That brings the year’s total condo sales to 31, about the same as in 2008 and 2009 but six fewer than in 2010. The “typical” price of a condo moved up to almost $800,000 but the range was extremely wide, between $275,000 and $1,965,000.

Adjacent Westmount was very quiet in December, with two house sales, both in the “Golden Square Mile” district downtown; a share of a duplex and a condo duplex sold in the area to the north of the city limits.

Many vendors will be putting their houses on the market in the next few weeks for the spring market, and it appears there is still plenty of demand so the market appears strong to start the new year. With the world economic recovery still in its infancy and an American election brewing south of the border, we would expect the market to stay strong, but of course only time will tell.

Posted by andy December 2011

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