Rebound in Real Estate Sales in November 2024: A Striking Phenomenon
Rebound in 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 transaction activity. With 920 transactions recorded, this represents a 46% increase compared to November of the previous year, equivalent 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, thereby 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.
- Condominium: With a notable increase of 53%, condominium sales experienced particularly positive momentum.
- Plex: Though 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 decline is particularly marked in the single-family property sector. Moreover, condominiums and plexes show property inventories for sale well below their historical averages, with respective reductions of 57% and 35%.
Tight Market Conditions in Favor of Sellers
In this tightened market context, negotiating power remains strongly on the sellers' side. The sustained bidding continues to place upward pressure on prices across all property categories.
Overheating and Rising Prices
For the second consecutive month in 2024, market overheating pushed the median price of single-family properties beyond the $400,000 mark. This reflects the persistent strong demand and the scarcity of available options for buyers.
In conclusion, the current dynamics of the real estate market highlight an unprecedented period of opportunity for sellers, while buyers must navigate a demanding yet exciting environment. Your residential and commercial real estate broker, Johnathan Cloutier Laval, plays a crucial role in this complex balance, acting as a strategic intermediary to help you optimize your transactions in this competitive climate. His expertise becomes more essential than ever to seize the best opportunities, whether to sell at the best price or to find the ideal property. For personalized support tailored to your specific needs, do not hesitate to consult Johnathan Cloutier Laval.
For more information, you can visit the website of Johnathan Cloutier Laval at www.johncloutier.ca or contact him directly at (514) 226-4444.