February Sales: Showing a Comeback

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Volume and mark-ups indicated an improvement in Westmount’s real state market in February, though the average price was distinctly lower and the nine sales posted in February were still weak compared to the month’s tallies in the previous three years.

Of the nine one- and two-family sales announced in February, the highest price was $4,200,000 for a mid-level Westmount mansion, similar to one which sold for the same price in January. Below that were only two which surpassed the $2 million mark, and the average $2,041,933 was well below the $2,466,250 average in January. The average price:valuation ratio, on the other hand, was a positive 1.8 percent, the first time since last September that the average has been positive.

The lowest price in February was $1,125,000, and that house’s mark-down was 20 percent, by far the biggest, though five other sales tallied mark-downs between two and six percent. Two of the thee mark-ups cleared 20 percent, on the other hand, boosting the average above parity.

Three condominium sales in February were added to the first-quarter list for 2024, with prices between $785,000 and $1,925,000. Adding the two posted in January brings an average mark-up of 12.8 percent; we are still awaiting the March condo sales to create a valid statistic. The February sales list also contained a 60-percent share of a duplex on Grosvenor Ave. and a co-op apartment at 3 Westmount Square.

The adjacent-Westmount market was busy, as well, with 10 sales of various types including one- and two-family homes in eastern Notre Dame de Grâce, southern Côte des Neiges, the Trafalgar-Daulac area of Ville Marie, Shaughnessy Village and the “Golden Square Mile.” So far this year there have been eight single-family homes and two duplex sales posted, all between $820,000 and $1,930,000, evenly distributed between Côte des Neiges and Notre Dame de Grâce — four each — with the other two in the Square Mile. In fact the two sales there, on Redpath and du Musée streets, sold seriously under municipal valuation, -43 percent and -31 percent respectively.

Posted by andy Posted in: Monthly Analysis No Comments » February 2024

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