West Island Montreal Market Update! January is typically a pretty slow month for real estate however, this year was exceptionally busy both in the single-family and condo markets. The single family market here on the west island of Montreal saw the number of sales jump 35% compared to Jan of last year with 136 homes being reported as sold by centris. Median prices hit $640,000, up 27% from Jan 2020 and that's up 6% from this past Dec. The number of active listings was down 49% compared to Jan of last year. Months of inventory sits at 2.6. This means that at the current pace of buying, all of our inventory would be sold in 2,6 months. A typical balanced market would be 4.-6 months of inventory. Buyers can expect to be in bidding wars for most competitively priced homes in the under $1,500,000 price ranges and sellers can expect to have the upper hand in negotiations if they prepare their homes properly for the market, hire a broker with a strategic online marketing plan and price their homes at a level that will attract interest. Now let’s look at condos. At the end of January we had 4,6 months of inventory which edges us up into balanced market territory but we are seeing demand start to increase and prices continuing to rise so it will be interesting to see what happens with condos this year. If inventory continues to rise, we should see a slight softening of the steep price increases we saw last year. If January is an indication of things to come, it will be another wild ride for here on the west island this year. If you would like further information or more statistics on your particular neighbourhood, don't hesitate to reach out!