It’s finally beginning to feel a little more “normal” these days. I think we’re all glad to see some of the government restrictions easing up, restaurants and businesses resuming normal services, and the warmer temperatures always help to lift our spirits. Watching the Habs make it to the Stanley Cup Finals only serves as extra icing on the cake!

As we round out the second quarter of 2021, we continue to see the same trends with regards to residential real estate in the West Island. The trends we’re referring to are:

Rock-bottom inventory levels, record-breaking median price increases, and a fast and furious market with high sales volumes and lightning quick turnover.

Similar to the inventory levels we saw at the end of May, the number of homes for sale is well below last year’s levels. If we look at Pointe-Claire for example, there are 27% fewer homes for sale this year compared to the same time last year. (34 in 2021 compared to 47 in 2020. And compare that to 65 in 2019!)

The onset of the pandemic caused a brief “pause” in real estate activity during the months of April and May 2020. Most buyers and sellers alike felt a huge sense of uncertainty and many hesitated to make a move during those first few months of the crisis. Not to mention the tight restrictions that were imposed by the government that limited real estate activity to virtual visits only. Those who did follow through on their sales or purchases during those months did so without any physical visits to the homes, and usually were in a position of necessity to move. 

However, once the uncertainty began to ease up and the restrictions on visits were lifted, it was like a flood gate had been opened and there was a surge in real estate sales. Our typical “spring market” only began in the summer, and continued from mid-June all the way through until December. 

This pent-up demand certainly had an influence on inventory levels and sales volumes last year, but the stream of activity has not shown any signs of slowing down since then. 

When it comes to average home values, Pointe-Claire just posted a whopping 29% increase in median price over last year. The Island of Montreal as a whole is showing a 30% increase as well. 

2021 has been a mind-boggling year for all of us. We continue to see jaw-dropping sales for homes that go for unbelievable prices in fierce bidding wars. But it’s important to note that this isn’t always the case. We still see some properties that list at a fair price, and yet fail to see the same level of interest as a similar property that may have sold in a frenzy a week prior. It’s not always easy to predict how the market will react to any given home. 

However, sometimes the most subtle changes to the way a home is marketed can have a profound effect on the level of interest it can attract. This can include pricing strategy, timing of a listing launch, condition and presentation of the home, holding off on offer responses for a specified time, and complete and utter transparency regarding the condition of a home with a pre-listing building inspection report.

If you’re curious about the statistics for any other municipalities, or if you just need some advice or guidance, don’t hesitate to reach out to our team. You can contact Team Broady by email at : info@teambroady.ca or by phone at 514-613-2988. www.teambroady.ca.