Low Inventory in Westmount = Seller’s Market! Plus, Real Estate Board announces Best Month of March in Five Years!
At the end of 2017’s first quarter (January-March 2017), the Westmount real estate market shows no signs of slowing down. There is a high demand for single-family homes in Westmount yet only half the inventory compared to this time last year.
The number of new listings has dropped by 35% compared to the same quarter last year despite rapidly rising prices and continued buyer demand. With only 73 homes for sale we are seeing multiple bids on many properties, especially in the $1M to $1.5M price range.
The average sale price of a single-family home this quarter is $1,433M and homes are selling faster than last year: The average days on market went from 146 days in Q1 2016 to 130 days in Q1 2017.
In a broader picture, The Greater Montréal Real Estate Board (GMREB) just released its March 2017 residential real estate market statistics for the Montréal Census Metropolitan Area indicating a 10% increase compared to March of 2016. This was the most active month of March in Montreal real estate since 2012.
For March 2017 statistics charts, click here.
For year-to-date statistics charts, click here.
Interestingly, according to a recent article in the Montreal Gazette, the sales of high-end homes in Canadian cities showed “unprecedented uncertainty” in the high-end real estate market, however Montreal rose modestly. According to the article:
- In Calgary, sales of high-end homes were flat in January and February, with 64 properties changing hands.
- Sales of homes for over $1 million in Vancouver fell in January and February of this year, down 27 per cent from a year ago.
- In Toronto proper, sales of $1 million-plus homes rose 44 per cent year-over-year.
- Yet Montreal saw sales of $1-million-plus homes climb 13 per cent year-over-year in the first two months of 2017 to 99 properties. Read more…
With low inventory and high buyer demand, now is the time to consider selling your home. Contact us for a price opinion and a confidential appraisal.
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