Westmount Real Estate Market Report, Mid-2015

Westmount (Oakville) Real Estate Market Update
Westmount Real Estate Market Report, Mid-2015

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Mike Belobradic

Mike Belobradic

Mike Belobradic is an Oakville Real Estate Advisor with Johnston & Daniel Oakville. Prior to his career in real estate, Mike headed up the BMO High-Net-Worth Wealth Management Group and had a successful career as a marketing and digital strategy executive. Born and raised in Toronto, Mike moved to Oakville in 1997 and lives here with his wife and daughter.

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Oakville’s Westmount is a relatively young community located in the mid-section of Town. Housing options in Westmount include a range of affordable housing, from detached homes to townhomes and condominiums.

The Westmount real estate market had a very good first half of 2015, generally performing above average on several criteria versus other Oakville communities. Here are some key statistics for the Westmount Real Estate market for the first six months of 2015.

Westmount Oakville Homes available vs Homes sold

Westmount Homes Available versus Homes Sold

When looking at Active Listings and Homes Sold in the chart above, there is one key statistic that REALTORS® use as an indicator for what is happening within the real estate market. This is known as “Absorption Rate” or “Months of Inventory.” (Some people show Absorption Rate as a percentage, but I find that to be more confusing than Months of Inventory.)

Westmount Real Estate Market: Months of Inventory for 2015

Months of Inventory Defined

In simple terms, Months of Inventory (number of active listings divided by number of homes sold) tells us how quickly the overall inventory of homes is selling. The lower the number of months, the faster that homes would “sell out” if no new homes came on the market.

Months of Inventory (MOI) is an important real estate formula because it can help us to understand the market and how to position a home for sale within that marketplace. For example, we know that in an environment of low MOI (anything below four months), sales are moving quickly so it may be an opportunity to price your home more aggressively (but not at an unreasonable level–we still want it to sell). On the other hand, when MOI numbers are higher (above 6 months), anyone who needs to sell a home quickly would be wise to price their property more favorable, in line with the lower end of recent home sale prices in order to increase the likelihood of a faster sale in a Buyer’s Market.

Anything under 4 Months = Seller’s Market
From 4 – 6 Months = Balanced Market
Anything over 6 Months = Buyer’s Market

Westmount Real Estate – Months of Inventory Numbers, Mid-Year 2015

  • January: 3.4 months (Seller’s Market)
  • February: 2.2 months (Seller’s Market)
  • March: 1.7 months (Seller’s Market)
  • April: 1.6 months (Seller’s Market)
  • May: 2.1 months (Sellers Market)
  • June: 1.6 months (Seller’s Market)

Westmount was in a very strong Seller’s Market over the course of the first half of 2015.

How Quickly Were Homes Selling in Westmount?

Days on Market (DOM) is a measure of how long it took, on average, for a home to sell. Generally speaking, if a home sells in less than 30 days, that is a respectable figure.

Westmount Oakville Real Estate, Days of Market

Once again, Westmount performed exceptionally well, with homes selling at a faster pace than average for the Town of Oakville throughout the entire period (and equal to the Town average in the month of May).

Average List Price and Average Sale Price of Westmount Homes

Westmount Oakville Homes, avg list price vs avg sale price

The chart above shows the disproportionate relationships between list price and sale price in all months except for June 2015. Even though homes in Westmount were selling quickly, they were selling for below asking price in all months except for a surprising performance in June. Overall, however, the real estate market in Westmount was very healthy in the first half of 2015.

Here are the raw figures for average list price and average sale price for Westmount homes in 2015.

All Homes in Westmount

Month – Average List Price – Average Sale Price

  • Jan    $773,538    $734,627
  • Feb    $830,546    $725,329
  • Mar    $777,668    $738,313
  • Apr    $780,682    $713,129
  • May    $825,505    $778,427
  • Jun    $735,869    $805,383

Detached Homes in Westmount

Westmount has a large number of townhomes, apartments and condominiums, which tend to pull down the average sales figures.  As a result, it is worth looking at the sales numbers for detached homes separately, since they are significantly different than the average for this community.

Month – Average List Price – Average Sale Price

  • Jan    $885,915    $921,583
  • Feb    $920,352    $795,264
  • Mar    $987,305    $878,105
  • Apr    $932,226    $877,191
  • May    $932,505    $921,436
  • Jun    $871,238    $922,372

The average sale price of a detached home in Westmount ranged from approximately $800,000 to the low $900,000s for the first six months of 2015. This was just below average for the Town as a whole.

There were a total of 211 homes sold in Westmount in the first half of 2015.

The highest sale price for a home in Westmount for the first half of 2015 was $1.5-million.

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