November 2012 Downtown Condos Market Report
This November in downtown Montreal there were 14 condominium sales, as reported on MLS®, not far off our low of last month at 11 sales. These sales happened after an average delay of 96 days on market (DOM). Condominiums sold for an average price of $667,036, on the high side for the year. While, again this month, 22 contracts expired and 61 new properties came on market bringing total active properties listed to 294 for November. The absorption rate for condominium inventory supply in downtown was 21 months.
The downtown sector reported here is known as Centreville-Ouest (Downtown Center West) bordering the mountain to Rene Levesque and University Street to Atwater. Condo units vary greatly from converted multiplexes to high-rise towers of all sizes, quality and age. Location closer to the mountain (Mont-Royal) and the centre of downtown will increase prices as will the elegant sub-sectors tucked up close to Westmount, close to the Museum of Fine Arts on Sherbrooke Street and close to Peel on deMaisonneuve and lower in the sub-sector closer to the old Montreal forum below deMaisonneuve nearing Atwater.
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).