Volume tailed off in July

Only 12 one- and two-family dwelling sales were closed in July, less than half the number in June, five less than the previous July and way below the average for July of 25.6. In the first seven months of 2009, only 82 deeds have been signed, some 50 sales below the average number and the lowest year-to-date volume since 1976.

On the other hand, two sales recorded prices over $2 million including the highest price of the month, $2.9 million for 3289 Cedar Avenue, a house which had been completely rebuilt from the bottom up in the past year. The dozen sales included seven above the $1 million mark, only two less than $800,000 including 111 Lewis Avenue, the lowest-priced sale at $478,500. Biggest markup of the month was 45 percent for 431 Mount Pleasant Avenue, which sold for a modest $970,000, while the only substantial markdown involved 3200 The Boulevard, $1 million for a house evaluated at $1,599,000 or 38 percent below tax value.

The average price has been moving up steadily since February, when five sales averaged only $728,400, but the average markup has hovered around 15 percent for the past four months. The two $2-million-plus sales matches the number from June, though of course it is a much higher percentage of the total volume. No sales have cleared the $3 million since last September, perhaps suggesting there is still some resistance to payouts at the top end of the market.

Only one condominium was transferred in July, $471,000 for a flat at 470 Wood Avenue. So far this year there have been 15 condo sales averaging $504,800, and an average markup of 11.6 percent, while the average for one- and two-family residential is 18.5 percent.

The only other sale registered in July involved 447 Prince Albert Avenue, a five-unit apartment building at the corner of Chesterfield Avenue, The building has been on the market — in one way or another — since 2004.

NOTE: The following article relates to the registration of deeds of sale for Westmount property in July 2009, provided by city officials. A list of sales can be found on page 9.