ANOTHER WILD RIDE IN THE WEST ISLAND
January is typically a slow month for real estate, but this year it was exceptionally busy in both the single-family and condo markets here on the West Island.
The single-family market saw the number of sales jump 35% compared to January of last year with 136 homes sold. It was the busiest January in the last 10 years.
The median price of a home in the West Island hit $640,000. That’s up 27% from January 2020 and an increase of 6% from just this past December. The number of active listings, meanwhile, was down 49% compared to January of last year.
Months of inventory currently sits at 2.6. This means that at the current pace of buying, all homes would be sold in 2.6 months. A typical balanced market has between 4 and 6 months of inventory.
Buyers can expect bidding wars on well-priced homes in the under $1.5M range. Sellers will retain the upper hand in negotiations if they prepare their homes properly, hire a broker with a strategic online marketing plan and price their homes at a level that will attract a lot of attention.
In the local condo market, the median price hit $345,000, up 17% from January 2020, but down 3% from December. The number of sales also dipped recently, down 13% from Dec 2020 but up 22% overall from January of last year. Active listings are up 7% from this past December and up 39% compared to January 2020.
With 4.6 months of condo inventory, we're now into balanced market territory but demand is still strong and prices did continue to rise through 2020. It will be interesting to see what happens over the next few months, because if inventory continues to rise we could see a slowdown in the steep price increases we saw last year.
If January is any indication of things to come, it will be another wild ride here on the West Island. Buyers will have it tough, so having a game plan and a savvy broker in your corner is more important than ever.
If you are thinking of buying or selling and would like to know what your home is worth call 514-700-2604 or visit broadywindsor.com to request your FREE Property Evaluation Consultation. And if you have no plans to move, then the Homeowners Advisory Club is what you need. It’s the world’s first real estate concierge service designed to help you protect and maximize the value of your home over time.