November 2024 Real Estate Sales Rebound: A Striking Phenomenon
Rebound in Real Estate Sales in November 2024
The month of November 2024 marked a significant turning point in the real estate sector with a substantial 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%, significantly surpassing pre-pandemic levels.
- Condominium: With a notable increase of 53%, condominium sales experienced particularly positive momentum.
- Plex: Although lesser compared to other categories, plex sales increased by 35%.
The Decline of 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 property sector. Furthermore, condominiums 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 tight market context, the negotiating power remains strongly in favor of sellers. The bidding wars, remaining sustained, continue to exert upward pressure on prices across all property categories.
Overheating and Rising Prices
For a second consecutive month in 2024, the market overheating pushed the median price of single-family properties beyond the $400,000 mark. This indicates a strong persistent demand and a scarcity of available options for buyers.
In conclusion, the current real estate market dynamics highlight an unprecedented period of opportunity for sellers, while buyers must navigate a demanding but exciting environment. Roxane Guilbault, a residential real estate broker, is to be consulted for this complex balance. Her expertise is essential to help buyers and sellers optimize their transactions. Whether to sell at the best price or to find the ideal property, your real estate broker is your best ally in this competitive climate.
For more information, visit the website: www.roxaneguilbault.info or contact them at (514) 443-9513.
