Rebound in Real Estate Sales in November 2024: A Striking Phenomenon
Real Estate Sales Rebound in November 2024
The month of November 2024 marked a remarkable turnaround 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 recorded transaction level in 25 years for the month of November.
Performance by Property Category
- Single-family: Sales jumped by 44%, greatly exceeding 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 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. Moreover, 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, bargaining power remains heavily on the side of sellers. The overbidding, remaining strong, continues to exert upward pressure on the prices of all property categories.
Overheating and Price Increases
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 testifies to the strong persistent demand and the 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. Consult Katherine Gaucher, your residential real estate broker serving the Bromont area, or Jonathan Choinière, your residential and commercial real estate broker, to benefit from their expertise to optimize your real estate transactions. Their role is crucial in helping you seize the best opportunities, whether it's selling at the best price or finding the ideal property.
Contact Katherine Gaucher at www.choinieregaucher.com or by phone at (450) 204-4413.
Contact Jonathan Choinière at www.choinieregaucher.com or by phone at (450) 775-4414.
