Rebound in Real Estate Sales in November 2024: A Striking Phenomenon
Rebound of Real Estate 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%, significantly surpassing pre-pandemic levels.
- Condominium: With a notable increase of 53%, condominium sales experienced particularly positive dynamics.
- Plex: Although less 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 properties sector. Furthermore, condominiums and plexes display inventories of properties 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 bargaining power remains strongly on the sellers' side. The sustained overbidding continues to exert upward pressure on the prices of all property categories.
Market Overheating and Price Increase
For the second consecutive month in 2024, market overheating pushed the median price of single-family properties to exceed the $400,000 mark. This testifies to the strong persistent demand and the scarcity of available options for buyers.
In conclusion, the current market dynamics highlight an unprecedented period of opportunity for sellers, while buyers must navigate a demanding but exciting environment. With the market evolving rapidly, it is crucial to work with an expert who can effectively guide in this complex balance. Caroline Harbec, residential and commercial real estate broker in Saint-Jean-sur-Richelieu, Venise-en-Québec, and Chambly, is your best resource to seize these opportunities. Her expertise becomes more essential than ever to sell at the best price or to find the ideal property.
Visit the website of Caroline Harbec for more information: carolineharbec.com or contact her by phone at (438) 802-0223.
