Real estate statistics in Outremont (Jan-Sept 2021)
It is with great pleasure that we are sharing with you the real estate statistics of Outremont for the period that covers January to September 2021.
The graphs presented are interactive: you can hover over them with your cursor to get more information on a dot or a graph, or click on them to display updated the information,.
Map of properties sold above the asking price or below or equal to the asking price.
In the interactive map below, the properties sold above the asking price are represented by red dots and the other sold properties are represented by blue dots. There does not seem to be an area in Outremont more conducive to overbidding.
One factor that greatly influences the chances of selling a property above the asking price is the listing price itself. Inevitably, if a property is listed for less than its value, it will stand out from other properties on the market. Buyers will jump on the occasion to schedule a visit and potentially bid on it. The chances of getting multiple offers on the property will increase and there will be what is called overbidding… But is it really overbidding? Not necessarily. Suppose a house is worth $ 1.2 million, and the listing broker and their selling client decide to list the property on the market at a price of $ 1.1 million to attract more potential buyers. After 6 days, they receive 4 offers, including one for $ 1.2 million, which the seller accepts. The house is therefore selling for 100,000 dollars above the asking price, which seems huge. However, the house sold for its fair price!
The opposite is also true. If the same house, which is worth $ 1.2 million, was listed for a price of $ 1.3 million, it would risk attracting fewer potential buyers, staying in the market longer and selling for under the asking price. If it sells for $ 100,000 below the asking price, that is, at $1.2 million, can the buyer consider to have had a deal? Not quite. Rather, he will have paid for the house at its fair price, once again.
Multiple offers and the selling price versus the listing price
Despite the hot real estate market that we hear a lot about in the media, we can see in the table below that 69% of the properties sold between January and September 2021 in Outremont sold at the asking price, or below the asking price. As explained above, the table shows that, in general, properties that stay on the market for a long time sell for below the asking price. Those that sell quickly sell on average above the listed price … often due to multiple offers!
The table shows that the trend is maintained regardless of the type of properties (houses, condos, etc.)
Market evolution in Outremont (2021 compared to 2020)
The graph below compares the real estate market of 2021 to the real estate market of 2020 based only on statistics for the period covering the months of January to September.
We conclude that in one year, house prices have skyrocketed in Outremont. On average, the houses’ selling prices have increased by 22,2% compared to the same time a year earlier. Condos, for their part, have not experienced such a significant increase. On average, their price has increased by 0,7% in one year in Outremont. This less impressive increase compared to that of homes could be linked to the pandemic. Indeed, more and more people are now working from home, and are therefore not only looking for more closed rooms (to make offices), but also an outdoor space (especially a garden) to take a break and not feel trapped within the walls of their home 24 hours a day.
Details of properties sold in Outremont
Learn more about each of the properties sold in Outremont from January to September 2021 by clicking on the colored dots on the graph! With this information, you will be able to interpret the values yourself.
Note, among other things, that only one of the 15 condos with 1 bedroom or less sold over the asking price. As we mentioned above, this would be due to the fact that there has been less enthusiasm for condos with less than 2 bedrooms since the start of the pandemic. Many people work from home and want at least one additional bedroom to set up their office!
Contact us
Write to us at info@redding-rouleau.com if you want more information on the properties sold, or to get a free evaluation of your property, based on the market statistics. It doesn’t commit you to anything. We don’t put any pressure on our clients, we promise!