July Sales: Back on Track

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Westmount’s real estate market reached for new heights in July, after turning around a dismal June sales list both in terms of volume and prices. Realtors posted 11 sales in July, which is on average the slowest month for sales; four of those brought more than $3 million while none of the eight June sales topped $2,750,000 and the average was barely $2 million.

The July average price reached back up to $2,722,091, the average mark-up over municipal valuation was 10.8 percent, and the top price was $6,250,000 for a stately mid-level mansion. Olivier Avenue has become something of a “go-to” street, it seems, with two sales of row-houses hovering around the $3 million mark, and the two highest mark-ups of the month at 65 and 56 percent. Another row-house on Prospect St. brought the lowest price of the month, $1,250,000, just four percent above valuation. There were four sales below valuation, with a house on The Boulevard earning the biggest mark-down of the month at 11.9 percent.

Only one condominium graced the Westmount sales list after 17 sales were posted in the second quarter of the year, between April and June. That list had a price range from $599,000 to $3,295,000 and an average 7.5 percent mark-up over valuation, but it seems to have stopped when we reached July.

The same might be said for the adjacent-Westmount market, which saw two eastern Notre Dame de Grâce houses sell along with one on Trafalgar Ave. and a condo-townhouse on Grosvenor Ave. north of the city limits.

Only 85 listings were on the market in mid-August, down 10 since mid-July compared to 106 in mid-May, and 41 since mid-July. The biggest drop in the latest count was among those priced between $2 million and $3 million. Another five house rentals were posted in the last month, including one as high as $15,700 per month. Some 33 rentals have been posted this year, and there are still 27 houses for rent for rates between $3,600 and $18,000 per month.

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

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