Yesterday, I posted an article about the Kirkland real estate market here in Montreal’s West Island. Today, I’m taking a look at Pointe-Claire, and the results are pretty similar: there’s not much to choose from and, when there is something to look at, it’s sold before you know it.
This real estate market is not for the faint of heart, and it’s not for slackers either. Buyers need to be well-prepared, with a valid 2018 mortgage pre-approval in hand, and ready to make decisions quickly, ideally with the guidance of an experienced real estate broker.
It is a GREAT market for sellers, but even then the advice of an experienced real estate broker can help you make the absolute most of these market conditions and get every last dollar out of your home sale.
Looking at the stats* for Pointe-Claire real estate over the past 5 years, comparing the January to April period in each year, here’s what I found:
- the number of homes for sale is down significantly, the lowest its been in 5 years — last year at this time, there were twice as many homes for sale;
- the time it takes for a house to sell is down significantly, the lowest its been in 5 years, sitting at just over one month which is about half of what it took last year; and
- prices are up significantly, up 18% from 2017 and 40% from 2013.
As in Kirkland, our reaction in Pointe-Claire is WOW.
Each month so far in 2018, there have been, on average, 49 homes for sale in Pointe-Claire. If you were shopping at the same time last year, you would have had 98 homes to choose from in any given month in the first part of the year. The year before? 149.
If you put your Pointe-Claire home for sale this year, you could expect to have it sold in just 37 days. Last year, it would have taken almost twice as long.
As for how much you could expect to pay, I looked at the median sold prices for Pointe-Claire in January, February, March, and April of 2018 and then averaged out these medians. In 2018, the average median price paid was about $471,000. In 2017, that number was $398,000. Way back in 2013, it was about $337,000. As in Kirkland, in Pointe-Claire it paid to get in on the action early, as it usually does in real estate.
How long will this market last? Who knows. What I do know is that as long as demand overwhelms supply, we can expect it to remain a seller’s market.
It’s obviously a great time for homeowners to capitalize on their investment, but it’s also not impossible for buyers to find a good home. In both cases, I think it’s critical to have a real estate broker guiding you to navigate this fast and furious market.
Got questions? Don’t be shy to reach out. Tanya Nouwens – 514-919-8468 — firstname.lastname@example.org
*Statistics from Greater Montreal Real Estate Board. Single-family homes only; no condos.