Andy Dodge & Associates
Latest News
- July Sales: Taking a Breather
- June Sales: Serious Mark-downs
- May Sales: Suffering a Relapse
- April Sales: Holding Tight
- March Sales: Highs and Lows
- February Sales: Showing a Comeback
- January Sales: Not Much of a Start
- December Sales: Good Riddance
- October/November Sales: Under Water
- October Sales: Slow, again
Monthly archives
- July 2024
- June 2024
- May 2024
- April 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- April 2008
Search
March Sales: Short Supply
Prices stayed strong in Westmount real estate sales in March, though volume is off mainly because of lack of supply for mid-priced houses. March is supposed to be one of the busiest months of the year, but only 12 sales were posted locally in a month which normally averages almost 24.
Of those 12 sales, eight were for prices between $1 million and $2 million, but only one sold for more than $2 million. The average price was almost $1,340,000, in a range from $723,500 to $2,100,000. Three of the sales were for less than the new 2011 municipal evaluation, the hgihest markup was only 29 percent, and the average markup was 12 percent, the same average as February.
So far this year only three sales have been reported over $2 million, while there are 34 properties listed for more than that amount. The low supply is in the $1 million to $2 million range, where last weekend we counted 52 listings, and only 18 for less than $1 million. With such limited demand for the high-priced homes, we suspecdt that the range will narrow considerably between those and the mid-range houses. Of course, many of the $2 million-plus listings are casual listings, promises that if someone comes up with that type of money, the vendors might be willing to sell.
Because of the short supply, so far this year Westmount has posted only 31 sales, the same as in 2009 when the world was catapaulting toward recession, and the lowest number of sales reported in the first quarter of a year since 1994, when there were 30.
Five condominiums sold in March, in a range from $375,000 to $1,220,000, with an average markup of 11 percent so almost the same as for one- and two-family dwellings. Though the statistics are somewhat sketchy, it is safe to say that the value of Westmount condominiums has increased some 13 percent over the past year, and has doubled since the beginning of 2001.
In adjacent Westmount areas, the first quarter has been equally busy, though no house sales have been reported in the Shaughnessy Village area. Three of the new homes on St. Sulpice Road brought prices over $2 million each, by far the highest prices in adjacent-Westmount. Of 19 other house sales in the various districts, only three brought prices over $1 million, an indication the buyers are still favouring Westmount homes.
Eight Westmount houses were rented in the first quarter of the year, for monthly rates ranging from $2,450 to $6,000. Volume is up from six at the same time last year, but down from 11 in 2009.
Posted by andy Posted in: Monthly Analysis
No Comments »
March 2011