Volume rebounded in August

With 18 single-family sales and two duplexes registered in August, total volume in the first eight months reached 102 one- and two-family dwellings, compared to 144 in the same time period last year and an average 132.1 over the past 37 years.

A total of $22,133,500 was spent purchasing the 20 residential properties in August, meaning an average $1,106,675 for homes with a total municipal valuation of 18,703,600, thus an average markup of 18.34 per cent. The highest price was $2.4 million for 3 Murray Avenue, though this was only 4.3 per cent above its tax value of $2.3 million. Four houses actually sold for less than their valuation, while one — 19 Willow Avenue — went for double the city value.

So far this year, the average is 114.7 per cent, almost 10 percentage points less than for all of 2008 and (so far) the first annual decline in overall real estate values since 1995.

In August there were two sales above the $2 million mark and another eight which were registered between $1 million and $2 million, all but one of those less than $1.2 million. Of the sales below $1 million, four were between $700,000 and $800,000 and five between $800,000 and $900,000; in fact, the lowest price involved 4725 de Maisonneuve Boulevard at a still-healthy $738,000.

The only other two sales which closed in August involved a condominium at 295 Victoria Avenue, corner de Maisonneuve, and a share of 1-5 York Street, corner Victoria, which included the flat at 5 York. The condo is only the second to sell in the third quarter of 2009, bringing to 16 the number of condo sales so far this year, compared to 37 in the first three quarters of 2008. The average markup so far this year is 11.6 per cent, lower than for one- and two-family dwellings and lower than last year’s average of 15.4 per cent.

NOTE: The preceding article relates to the registration of deeds of sale for Westmount property in August 2009, provided by city officials.