Montreal West Island Real Estate Market - Third Quarter 2012

By
Real Estate Sales Representative with RE/MAX ROYAL (JORDAN) INC. / Tanya Nouwens Inc. www.readysetsold.ca E8107

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.

 

West Island

Third Quarter 2012 versus Third Quarter 2011

 

Sales

Median** Price

# Active Listings

# Average Days on Market

Residential (total)

↓8% (488)

n/a

↑13% (1,356)

n/a

Single-family homes

↓5% (397)

↑5% ($370,000)

↑7% (929)

↑1 (60)

Condos

↓21% (81)

↑7% ($225,000)

↑31% (400)

↑16 (83)

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

Posted by

 

 

~~~~~~~~~~~~~~~~~~~~~~~~~

Professional home staging and professional photography: two critical factors to making sure your home looks its best, both in person and on the Internet, and neither of them cost you a penny when you list with me.

 

Put your best house forward. TM

Tanya Nouwens

Tanya Nouwens Inc., Montreal Real Estate Broker and Canadian Staging Professional (TM)  www.readysetsold.ca 

RE/MAX ROYAL (JORDAN) INC., www.remax-quebec.om

C. 514-919-8468    tanya@readysetsold.ca


This blog is written with my opinions. My opinions are presented with accuracy but not guarantees. Copyright Tanya Nouwens - 2015. If you want to reprint parts of this, just email me for my permission at tanya@readysetsold.ca.

 

Comments (6)

Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Appreciated your update...thinning inventory will be the key to price stability.   Till then, things remain on the buyer's side of a transaction.

Dec 03, 2012 01:25 AM
Larry Estabrooks
Independent Real Estate Agent - Moncton, NB
100% representation means NEVER DUAL AGENCY !

Tanya, I could repeat your analysis and use it in my market. I would just have to change condos to new construction. I agree with Li, the high number of active listings is influencing the market.

Dec 03, 2012 03:08 AM
Tanya Nouwens
RE/MAX ROYAL (JORDAN) INC. / Tanya Nouwens Inc. www.readysetsold.ca - Montreal West Island, QC
Montreal Real Estate Broker & Stager

It's still not a buyer's market here, Li, though it is very close to being one for condos specifically.

Larry, I agree, and I believe the high number of listings is due in part to the stricter mortgage rules brought in by the feds in July; the new rules have had an impact on the value of homes first-time buyers can now afford or not afford.  And I think that's why we're seeing similar market reports from across the country.

Dec 03, 2012 03:55 AM
Jo-Anne Smith
Oakville, ON

Tanya,

Your stats are similar to what is happening here....prices still rising slightly but few sales. It's still a good time to buy and sell though...interest rates are so low and buyers are still buying.

Jo

Dec 03, 2012 11:43 AM
Robert Butler
Aspect Inspection - Montreal West Island, QC
Montreal Home Inspector | Aspect Inspection

It's good to see stats like that for well defined areas. Too often the definitions are vague.

I belive stats are best used for comparisons but not fine accuracy.

Dec 05, 2012 11:12 PM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Tanya - What a great real estate market update for Montreal West Island

Feb 04, 2013 11:26 AM