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 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.
Historical 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 surpassing pre-pandemic levels.
- Condominium: With a notable increase of 53%, condominium sales experienced particularly positive momentum.
- Plex: Although lower 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 property sector. Furthermore, condominiums and plexes display inventories of properties for sale well below their historical averages, with reductions of 57% and 35%, respectively.
Tight Market Conditions Favoring Sellers
In this tight market context, the bargaining power remains strongly on the sellers' side. The sustained overbidding continues to exert upward pressure on prices for all property categories.
Overheating and Rising Prices
For the second consecutive month in 2024, the market overheating pushed the median price of single-family properties to exceed the $400,000 mark. This reflects the strong persistent 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 an demanding but exciting environment. François Leduc, residential and commercial real estate broker in the regions of St-Bruno, Sainte-Julie, Varennes, and Boucherville plays a crucial role in this complex balance. As a strategic intermediary, he helps buyers and sellers optimize their 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.
To benefit from the insightful advice of François Leduc, residential and commercial real estate broker in the regions of St-Bruno, Sainte-Julie, Varennes, and Boucherville, do not hesitate to visit his website at www.francoisleduc.ca or contact him at (514) 880-0245.
