September Sales: Low and Slow

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Only four residential sales were arranged in Westmount in September, two going for prices under $2 million and two more over $2 million, but none of the eye-catching sales like those negotiated earlier this year. Agents did, however, post two new sales for August, including a top-of-the-mountain sale for $4,800,000.

The highest price posted for September was $2,975,000 and the lowest was $1,750,000, but the average for the four was only $2,177,500 and the median only $1,992,500. All four sales were mid-level Westmount and all semi-detached. The highest price also represented the biggest mark-up over municipal valuation, at 54.5 percent, while the lowest price also represented the biggest mark-down from valuation, minus-19 percent. In fact, in the city’s opinion those four houses’ valuations averaged just under $2 million plus or minus less than 10 percent, so the differences between them have to do with condition and renovation more than the age or size of the houses.

In fact, there is more of a range in the third-quarter sales of condominiums, as nine condos sold in July, August and September for prices ranging from $535,000 to $2,100,000, including four units at Château Westmount Square, 4175 St. Catherine St. One of those apartments sold for 70 percent more than its municipal tax value, the highest mark-up in the group, while a small apartment at 1 Wood Ave. brought both the lowest price and biggest mark-down of minus-39 percent. The average mark-up for the third-quarter condos is 3.5 percent; the same average mark-up among one- and two-family dwellings is 8.4 percent.

The Westmount market surged into the fall selling season with a jump of 11 listings since mid-September, to 96 houses available. One property is listed at $995,000; all the rest are priced over $1 million, 60 between $1 million and $3 million, 29 more less than $10 million and 6 asking more than $10 million. Only one of the latter group has been sold so far this year.

The adjacent-Westmount one- and two-family market appears to have taken a breather, with six house sales posted in August but then none in September. Numerous condominium sales were reported, but the only addition to the single-family list was a house on Gage Rd. which had been negotiated in July.

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

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