Montreal West Island Real Estate Market - Third Quarter 2012

While last month I wrote about the larger Montreal real estate market and specifically September’s results, this time I’ll focus more specifically on the Montreal West Island real estate market.

The chart below shows the West Island* results for the third quarter of 2012 compared to the third quarter of 2011, using statistics presented by the Quebec Federation of Real Estate Boards in their MLS® Barometer.

Overall, the number of residential sales was down in the third quarter of 2012 compared to the same quarter last year, particularly in the condo market which saw a decrease in sales of 21%. The sale of single-family homes was down 5%.

At the same time, the sale price of both condos and single family homes increased by 5-7%.  The median price of a single family home on the West Island is now $370,000 and $225,000 for a condo.

Not surprisingly, with fewer sales, the number of active listings has increased. In the third quarter of 2012, we had 929 single-family homes on the market, a 7% increase compared to the same period last year.  And we had a whopping 31% more condos for sale compared to the third quarter of 2011.

It took slightly longer for single-family homes to sell (about two months) but significantly longer for condos to sell (almost three months) in the third quarter of 2012 compared to the same period in 2011.

Overall, the federal government’s move to tighten mortgage lending rules this past summer continued to have an effect on the market in the third quarter.

What I see…

Being immersed daily in the Montreal West Island real estate market, I can tell you that well-priced, move-in ready homes continue to sell well.  But pricing is clearly becoming a bigger factor and there is more competition.

Before you put your Montreal West Island home for sale, be sure to speak with a professional – someone who studies the market, previews homes in your specific market regularly, knows how to prepare, present and market your home for today’s buyer, and is willing to do an in-depth analysis to properly price your property. You’ll waste less time and be more successful in reaching your goals, particularly in this changing real estate market.

Disclaimer: I am not a statistician, though I worked with some excellent ones in my previous life as a criminologist. These statistics are presented with accuracy but no guarantees.

*The West Island includes Dorval, Pointe Claire, Beaconsfield, Baie-d’Urfé, Sainte-Anne-de-Bellevue, Senneville, Dollard-des-Ormeaux, Kirkland, Pierrefonds-Roxboro, and Ile Bizard-Sainte-Genevieve.

**The median is the middle value in a range of numbers: half of the numbers in the range fall below it and half fall above it.

This article was originally posted on my blog at www.readysetsold.ca