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Real Estate Market Profile: South West Montreal

A look at the real estate market in Griffintown, St Henri, Ville Émard and Pointe St Charles.

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Montreal’s South West Borough performed extremely well in the first half of 2018, according to the FCIQ Real Estate barometer. Market conditions favoured sellers at all condominium price points under $500,000, indicating a hot market with strong appreciation rates across all property types.

The South West consists of Griffintown, St Henri, Pointe St Charles and Ville Émard.

Here is a summary of real estate activity in those boroughs, based on Centris statistics for the first two quarters of 2018:

Sales

Sales in Montreal’s South West increased by 10% in the second quarter of 2018. Meanwhile, active listings dropped by -23%. These conditions indicate a heated environment, in which inventory is scarce and strong competition is likely to generate bidding wars.

In the last year, sales in the South West have increased by 12%.

Condo market conditions by price point

The South West market favours sellers at all price points except for $500,000+, where the market is balanced.

  • The price point under $250,000 recorded the highest inventory, an average of 112 units, and 4.9 months of inventory.  (Seller’s market)
  • At the $250,000-$299,000 price point, FCIQ recorded an average of 5 months of inventory. (Seller’s market)
  • The $300,000-$349,000 price point recorded the lowest months of inventory, at 3.9 months.(Seller’s market)
  • The $350,000-$399,000 price point recorded 4.5 months of inventory.(Seller’s market)
  • The $400,000-$449,000 price point recorded 6.7 months of inventory. (Seller’s market)
  • The $500,000+ price point was the only balanced market in the South West, at 9.2 months of inventory.

Single Family Homes

In the last 12 months (up to the second quarter of 2018)

  • 153 single family homes were sold
  • The median price is $552,000
  • The average price is $563,537
  • The average single family home sold within 42 days.
  • Average prices have grown by 37% over 5 years.

Condominiums

In the last 12 months (up to the second quarter of 2018)

  • 1109 condos were sold
  • The median price is $306,000
  • The average price is $343,090
  • The average condo sold within 70 days.
  • Average prices have grown by 20% over 5 years.

‘Plexes

In the last 12 months (up to the second quarter of 2018)

  • 320 plexes were sold
  • The median price is $526,500
  • The average price is $553,881
  • The average plex sold within 58 days.
  • Average prices have grown by 35% over 5 years.

Market Conditions per Sector: Griffintown

Griffintown is a popular choice for condominium buyers, young couples and professionals.

  • The average condo costs $330,000
  • There were 164 condos for sale in July 2018.

Browse properties for sale in Griffintown

Market Conditions per Sector: St Henri

St Henri is a popular choice for young families, students, and revenue property buyers.

  • The average condo costs $318,000
  • The average single family home costs $710,000
  • The average ‘plex costs $621,500.

Browse properties for sale in St Henri

Market Conditions per Sector: Pointe St Charles

Pointe St Charles is a popular choice for families, young couples and single family home buyers.

  • The average condo costs $338,500
  • The average single family home costs $650,000
  • The average ‘plex costs $525,000.

Browse properties for sale in Pointe St Charles

Market Conditions per Sector: Ville Émard

Pointe St Charles is a popular choice for revenue property buyers.

  • The average condo costs $260,250
  • The average single family home costs $388,500
  • The average ‘plex costs $500,000.

Set up a real estate alert for a property in Montreal’s South West.


This article, Real Estate Market Profile: South West Montreal, appeared first on Shupilov News

 

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