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Westmount Market Report – October 2015
The city of Westmount has always been a highly desirable neighbourhood in which to live, work, play and invest! Residents are drawn to this upmarket, urban village for its beautiful homes, charming architecture, exceptional amenities and its unique shops and restaurants. Now that the dust has settled on the outcome of the 2014 Quebec election, confidence in the strength of the Quebec housing market continues to grow. Since the financial crisis of 2008, pricing in Westmount has been on an upward trend, however the number of days on market has nearly doubled in these seven years.
THE SNAPSHOT
Single-family home sales January 1st, 2015 – October 1st, 2015
– The number of sales year to date remains about the same – 114 sold in 2015 vs. 108 sold in 2014.
– The average sale price has not made a significant change and has only increased slightly from $1.536M to $1.586M, due in part to a few high priced sales.
– Inventory levels have gone up substantially, from 139 last year to 157 this year. The majority of this increased inventory is priced in the $1M-$1.5M category where there are 50% more houses for sale than last year at this time.
WHAT DOES THIS MEAN FOR YOU?
Buyers have more choice than ever before and can benefit from some better bargaining power when purchasing a home or investment property.
Sellers are up against higher inventory levels so it’s more important than ever to consider the 4 P’s: Preparedness, Pricing, Promotion and Patience.Prepare your house to be in good shape and looking the best it can be.Pricing your house right, relevant to comparable sales and cur- rent competition, is critical to making sure you attract offers.
Promotion on the web should be top marketing priority – this is where approx. 92% of homebuyers start their search.
Patience is key, as the average days on market has climbed from 89 days in 2008 to 141 days today and is higher as the price of a home increases.
If the 4 P’s are in place, a buyer will appear…and eventually so will that VENDU sign!Now that you have some valuable insight into the Westmount market, talk to us. We can help you figure out your next move.
Based on information from Centris.ca. This representation is based in whole or in part on data supplied by Centris.ca. Centris.ca does not guarantee nor is in any way responsible for its accuracy. Data maintained by Centris.ca may not reflect all real estate activity in the market.
