October Sales: Going Crazy

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Crazy. There is little other way to describe what is going on in the current Westmount real estate market, where the average house value is moving in on $2 million, and volume is almost as strong as last year but otherwise stronger than in any year (through October) since 2002. Only three of 15 home sales reported in October went for less than municipal tax value, and the average mark-up of almost 19 percent — coupled with 22 percent for September sales — is driving the value of the “typical” Westmount house into the clouds.

The actual prices paid for houses in October were relatively modest, with only two sales logged at more than $2 million while three went for less than $1 million, but mark-ups went as high as 68 percent, not to mention four more mark-ups over 40 percent. Three of the 15 posted sales were at or above full asking price, and the average house took only 37 days to sell, the fastest monthly average we have on record since February, 2005. In fact, five of the reported sales in October were accomplished in less than a week, while only two sat on the market for more than 100 days.

Condominium sales were equally high-priced but volume was limited, with only four posted sales, two over $1 million and two less than that, all mark-ups over municipal valuation and two which sold at or above their asking prices.

Even in adjacent-Westmount areas where another five single-family homes sold in October, prices are still going up. In the “Golden Square Mile,” the average price of nine sales so far this year averages $1,919,722 compared to only $1,486,085 in eight sales last year; In the Trafalgar-Daulac area, the average is $1,523,109 (16 sales) compared to $1,483,836 (19 sales) last year.

At last count there were still 59 houses listed for sale in Westmount, the same number as mid-October, but only four asking less than  $1 million compared with seven a month ago, and 17 asking more than $4 million compared to 11 a month ago. The market may be moving up, but it is still tough to sell one of the more expensive mansions.

Posted by andy Posted in: Monthly Analysis No Comments » October 2017

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