MARKET REPORTS
Westmount condominiums
WESTMOUNT CONDOMINIUMS
PRICE INDICATORS
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Divided Co-Ownership
Sale Trends |
Sales Trends
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Undvided Co-Ownership
Sale Trends |
Many people ask how to tell whether the market is heating up or cooling down. To them I say — always listen to the brokers. Not literally, of course! What you should listen for is the variance in what they’re saying to buyers versus sellers. If you’re a seller and you want to get a good read, pretend to be a buyer. Talk to the brokers and try to bid. They will almost instantly tell you how flexible the list price is. If they tell you they think they can close it at 20% less, this is a genuine indication for what’s truly going on. In a truly hot market, sale happens close to the list price or asking price, sometimes over it. In a cooling market, this gap becomes larger, leading to deals simply not closing.
WESTMOUNT CONDOMINIUMS FOR SALE
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Absorption Rate
Absorption rate above 20%: seller's market Absorption rate below 15%: buyer's market Months Of Inventory
0-4 months: seller's market 5-8 months: balanced market 9 and more months of inventory: buyer's market |
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WESTMOUNT - EXTINCTION OF THE SUB-$1 MILLION HOUSES
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Houses priced below $1 million dollars are set to become totally extinct in Westmount, with less than 3% of homes now sold in Westmount priced below 7-figures; none priced below $800,000 and the majority sold (83%) priced between $1 million to $2 million. These are just some of the findings of new 2019 research by montrealhome, with data analysis of Centris, Quebec real estate brokers listings system.
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The 2018 montrealhome survey looked at the price of all houses sold from 2000 to 2018. The montrealhome data found that in 2018, the majority of homes in Westmount (60%) sold at prices between $1 million to $2 million, with another 37% selling for prices from $2 million to $8 million.
Given these dramatic trends starting from 2010, montrealhome calculate that within the next 12-24 months, sub-$1million houses will become extinct across Westmount and the neighbouring ultra-prime parts of the West End. In 2008 the median price of a sub-$1 million Westmount house was $780,000. In 2018 the median price was $900,000, a 15.38% increase. In the same period, over-$1 million Westmount houses increased 31,59%. This reflects the continuing upward surge in residential values in Westmount, a reflection of both global demand and short supply, and also the large increase in super-luxury apartment schemes being built and sold in Montreal over the last 10 years. Westmount is still the place you could aptly say, ¨to be the place for luxury property.” |
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Proportion of Westmount properties sales decreasing since 2014.
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