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June sales: Not to Worry
by Andy Dodge, CRA
(NOTE: The following article relates to offers to purchase Westmount residential dwellings which were reported by the local real estate agents as having been accepted in June, 2007. Because they are not final registered sales, the addresses and prices cannot be made public, but give a good idea of current trends in local real estate activity. The graph on page xx offers a picture of these trends over time.)
Prices appeared to be easing off in the Westmount real estate market in June, but in fact they are still among the highest the city has ever seen, as volume remained strong moving into the summer months.
The city saw 13 sales in June including one over $3 million and five others between $1 and $2 million, with the average price for the month still pushing the $1.2 million level. Even if the adjusted average price is down from the peak $1,260,000 level achieved in March, prices generally are up about 10 percent from last year and there is continued confidence in the local market. Talk of higher interest rates in the near future may affect the market in general terms, but Westmount buyers generally do not rely on mortgage financing as much as buyers in other parts of the city.
Lowest price in June was $633,000, the highest minimum price since last November. Only two of the 13 sales actually came in below the 2007 valuation, and the average markup was about 20 percent.
If there is continued strength among one- and two-family dwellings, however, the same cannot be said for Westmount’s condominium market. One condo sale was reported in June after none were tallied in May. The average markup over valuation for the second quarter of 2007 is a paltry 5.8 percent.
In adjacent-Westmount areas, two sales each were reported in the Côte des Neiges, Notre Dame de Grâce, Trafalgar-Daulac and “Golden Square Mile” districts, including two sales over $1 million and the rest over $500,000, so far as single-family homes were concerned.
July and August are generally slow real estate months but things should pick up soon after Labour Day.
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