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, 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 surge in transactions 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 decline is particularly marked in the single-family property sector. Additionally, 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 tightened market context, the bargaining power remains strongly on the sellers' side. Overbidding, remaining sustained, continues to exert upward pressure on the prices of all property categories.
Overheating and Rising Prices
For the second consecutive month in 2024, 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 real estate market dynamics highlight an unprecedented opportunity period for sellers, while buyers must navigate an demanding but exciting environment. To successfully explore these situations, Alexandre Desrochers, real estate broker - owner, serving St-Jean-sur-Richelieu and Chambly, is your broker of choice. With his in-depth knowledge and strategic expertise, he can assist you in optimizing your transactions, whether it's selling at the best price or discovering the ideal property.
For more information or to receive advice, do not hesitate to visit www.alexandredesrochers.com or call (514) 917-0824.
