December 2012 Downtown Condos Market Report
Sales this December in the Centre West sector of downtown Montreal were reported at 19 on MLS®. While one new project on Bishop reported sales, most were re-sales with the least expensive at $199,500 for a 1 bedroom on St. Mathieu and the most expensive at $1,775,000 on Sherbrooke St W for a 2+1 bedroom condo at the corner of Atwater. They remained on market an average of 109 days on market (DOM) and were discounted off the last asking price by 5%. These nineteen sales averaged out at $568,001. Thirty-four contracts expired this December while 65 properties came to market. The absorption rate for condominium inventory supply in downtown was 15.5 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).