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
September Sales: Tightening Up
Download the Graph
Westmount real estate prices staggered in September, not so much because demand dropped but because some houses, which had been on the market for quite some time, finally sold.
The average time on the market for six homes and a duplex which sold in September was 154 days, and in fact that includes two houses which were picked up within a day of coming on the market: one was seriously underpriced and sold for 10 percent above asking price; the other was reported sold the day after it was listed, for almost $300,000 below asking price. With those two excepted, the average time on the market goes to 215 days, and it can be suggested that most of them were stale, that they could have sold higher if they had been properly priced in the first place.
Agents say that there is very little new product coming out this fall, at least so far, but there is still plenty of demand for Westmount’s high-priced real estate. After an August whose final tally was eight sales, seven of which were over $1 million, September has posted seven sales, five over $1 million. (One sale each month was upwards of $2 million.) With buyers ready to put out that kind of cash, Westmount is becoming a seller’s market these days, though the market is still limited simply because it is so much higher than the rest of Montreal. Volume is way off, in fact this is the lowest volume for the first nine months since 1994, though August and September 2001 had fewer sales in a two-month period.
With two prices going under their municipal valuation, the average price for September came down significantly, but our view is that the market has generally stayed even this year, catching its breath after recovering from the tremendous uncertainty of early 2009. Average markup for the month was only 8.5 percent, based on the 2007 valuations which still apply to Westmount real estate until the new roll comes into force in January. The raw average price for the third quarter of 2010 was a record $1,408,727, so even if the markups are coming off somewhat, indications are that the market still has not peaked.
Third-quarter condominium sales, in fact, indicate an average markup of 27.1 percent, similar to the averages of Westmount homes earlier in the summer. Condo prices averaged just over $560,000, with only one sale over $750,000 in the latest three-month period.
Only three houses and a lower duplex sold in adjacent-Westmount areas in September, including one house on Redpath Crescent which went for well over $2 million. With that exception, it seems the areas around Westmount were suffering from the demand for Westmount properties.
Posted by andy Posted in: Monthly Analysis
No Comments »
September 2010