October 2012 Westmount Homes Market Report
This October, 7 homes sold in Westmount as reported on MLS®. Prices ranged from $685,000 in the Village to $2,800,000 on the summit near St. Joseph’s Oratory. Three sales were under $1mm and two exceeded $1.5mm. These sales were sold at this year’s lowest average days on market (DOM) of 39 days! This is faster than our last best month DOM of 46. The average sales price was $1,358,571 for the 7 sales with an average discount off the last ask price of 9% which is the second lowest average discount level for 2012.
This October, five contracts expired, and the fall season continued with 33 new property listings coming to market bringing active property inventory up again this month to 135 from 114 last month. These numbers have raised the absorption rate for inventory to 19.3 months supply from last month’s low 8.8.
Home types and sectors of Westmount influence prices and sales delays on market. Westmount homes vary in style down in the village, on Greene Avenue, the hills near NDG or near Westmount Park, above Westmount Avenue or the Boulevard to the Summit and on the backside of the mountain towards Queen Mary, tucked in behind Saint-Joseph’s Oratory or down on the flats near Atwater. There are also a number of one-of-a kind homes whose speculative value increases both price and sales delay beyond the norm.
More complete market information relevant to your personal needs and goals is available. These statistics, as reported on MLS® are presented monthly for a comparative view of local neighbourhoods. Private sales, sales that are reversed and sales not yet confirmed are not included. Complete statistics are available to clients purchasing or selling their property(s).