With news of market crashes, how is it affecting our neighbourhood real estate here in Montreal? Are there more or less homes selling then a year ago? Are there more price reductions? Are homes selling close to their asking price? I decided to go through my real estate software for the answers. I am analyzing Lachine, NDG and Montreal West. I am keeping it to homes and omitted condos and revenue properties since that is a different segment altogether.

LACHINE
Which solds had price reductions 2007 – 4 homes (25% of those on market)
Which solds had price reductions 2008 – 4 homes (66.7% of those on market)

How many sold Sept 2007 – 16 (139 sold from Jan08- Sept08)
How many sold Sept 2008 – 6 (112 sold from Jan08- Sept08)

Asking vs sold price Sept 2007 – Homes got 93% of their asking price
Asking vs sold price Sept 2008 – Homes got 89% of their asking price

NDG
Which solds had price reductions 2007 – 3 homes (50% of those on market)
Which solds had price reductions 2008 – 1 home (20% of those on market)

How many sold Sept 2007 – 6 (147 sold from Jan08- Sept08)
How many sold Sept 2008 – 5 (145 sold from Jan08- Sept08)

Asking vs sold price Sept 2007 – Homes got 89% of their asking price
Asking vs sold price Sept 2008 – Homes got 93% of their asking price

MONTREAL WEST
Which solds had price reductions 2007 – 1 home (50% of those on market)
Which solds had price reductions 2008 – none

How many sold Sept 2007 – 2 (37 sold from Jan08- Sept08)
How many sold Sept 2008 – 1 (28 sold from Jan08- Sept08)

Asking vs sold price Sept 2007 – Homes got 93% of their asking price
Asking vs sold price Sept 2008 – Homes got 99.5% of their asking price

In conclusion: It seems to me, besides the obvious of there being less sales happening, that homes are selling closer to their asking price. Remember, this is after a price reduction. And after going through all the research, I notice that homes sell faster when they are priced closer to market value. A lot of sellers think that they will try and get a “sucker” and inflate their selling price, however I’ve never seen or heard of that working. Buyers are savvy on their own and if they are working with an agent, good luck trying to negotiate the over-inflated price of your home when there are lots of other homes on the market to choose from.

NDG still seems like a really healthy market, per usual, with the prices never really settling down like the other boroughs. These days I’m also noticing that the homes over $450K are the ones with all the price reductions. The homes under that price are either well priced or easier to sell because there are more buyers.






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