Rebound in Real Estate Sales in November 2024: A Striking Phenomenon
Rebound in Property Sales in November 2024
The month of November 2024 marked a remarkable turning point in the real estate sector with a significant increase in transactional activity. With 920 transactions recorded, this represents a 46% increase compared to November of the previous year, which equates to an impressive surplus of 288 transactions. Sources https://apciq.ca/statistiques-immobilieres-residentielles-novembre-2024-quebec/ :~:text=Les%20ventes%20r%C3%A9sidentielles%20sur%20le,m%C3%AAme%20p%C3%A9riode%20l'an%20dernier.
Historic Levels of Transactions
This transactional surge marks the fifth consecutive month of vigorous activity, thus consolidating the second highest level of transactions recorded in 25 years for the month of November.
Performance by Property Category
- Single-family: Sales jumped by 44%, far exceeding pre-pandemic levels.
- Condo: With a notable increase of 53%, condo sales experienced particularly positive momentum.
- Plex: Although smaller compared to other categories, plex sales increased by 35%.
The Decline in Listings and Its Consequences
The number of active listings dropped by 28% compared to November 2023, reaching historically low levels. This decrease is particularly marked in the single-family home sector. Furthermore, condos and plexes show property inventories for sale well below their historical averages, with respective reductions of 57% and 35%.
Tight Market Conditions Favoring Sellers
In this tightened market context, the negotiating power remains strongly in favor of sellers. The continued bidding, sustained, keeps exerting upward pressure on the prices of all property categories.
Overheating and Price Increase
For a second consecutive month in 2024, market overheating has pushed the median price of single-family homes to exceed the $400,000 mark. This reflects the strong persistent demand and the scarcity of options available for buyers.
In conclusion, the current market dynamics highlight an unprecedented opportunity period for sellers, while buyers must navigate a demanding yet exciting environment. Real estate brokers, like Corinne Thouvenin, residential real estate broker in the regions of Saint-Jean-sur-Richelieu, Venise-en-Quebec, and Mont Saint-Hilaire, play a crucial role in this complex balance. Acting as strategic intermediaries, they help buyers and sellers optimize their transactions in this competitive climate. Their expertise becomes more essential than ever to seize the best opportunities, whether it is to sell at the best price or to find the ideal property.
For any questions or need for assistance, do not hesitate to contact Corinne Thouvenin through her website: www.corinneimmobilier.com or by phone at (514)293-2368.
