Inventory Inching Up While Number of Sales Down
There were 194 single family homes sold in the West Island this May, down 8% compared to April when there were 211 sales. We had 214 sales in both May of 2018 and 2019 so we are not that far behind. This is even more impressive when you look at the extremely low inventory levels.
We now sit at 1.6 months of inventory. As a point of reference, 6 months of supply is considered the benchmark for a balanced market.
The $500K-$600K price range saw the highest number of sales with 170 homes sold so far this year. However, it is interesting to note that the second most active price range was the $1M+ segment with 164 homes changing hands since January.
The number of active listings continues to inch up, which is encouraging. There were 307 listings this May, up from 291 in April. This number is still down 47% compared to May of 2020 and down a staggering 75% compared to May of 2016.
The median price of a single family home in the West Island hit $714,250, soaring 40% since May of last year and up 11% since this January.
The number of condo sales in the West Island dipped slightly from April, with 79 condos sold compared to 80 the previous month. However, this was still very brisk activity as the number of condos sold in May was the 5th busiest month in the last 5 years. This March saw the highest number of sales over the course of that 5 year period.
With many first-time home buyers being priced out of the single-family market, entry level condos continue to drive the sales numbers in this category, with the majority of transactions occurring in the $350,000 to $400,000 price range.
The number of active listings dipped slightly from last month with 170 condos on the market compared to 184 in April. This is still way down from the 267 that were active in May of 2019 or the 507 that were active in May 2016.
The median price of a condo on the West Island rose 36% from May 2020, hitting $397,000. That number is up a whopping 15% since this January.
Whether you are contemplating renovating, extending, upsizing or downsizing, having a team of professionals in your corner will help you to make better decisions moving forward.
All you have to do is ask! We are here to guide you.