MARKET REPORTS
WESTMOUNT HOMES LISTED FOR SALE
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WESTMOUNT HOUSES
MONTHLY ABSORPTION RATE
MONTHS OF INVENTORY
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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.”
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 luxury properties increasing every year since 2017.
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WESTMOUNT HOUSES
PRICE CHANGE
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2017-2018 median price change
+11.61% 2008-2018 median price
+72.00% |
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