Real Estate Sales Rebound in November 2024: A Remarkable 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 recorded transactions, 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 Home: Sales jumped by 44%, far exceeding 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 in Listings and Its Consequences
The number of listings in effect 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 display inventories of properties for sale well below their historical averages, with respective reductions of 57% and 35%.
Tense Market Conditions in Favor of Sellers
In this tightened market context, the bargaining power remains strongly on the sellers' side. The bidding fervor, remaining sustained, continues to exert upward pressure on prices across all property categories.
Overheating and Price Increases
For the second consecutive month in 2024, the market overheating has pushed the median price of single-family properties to exceed the $400,000 mark. This highlights the strong persistent demand and the scarcity of options available for buyers.
In conclusion, the current dynamics of the real estate market underscore an unprecedented period of opportunity for sellers, while buyers must navigate a challenging yet exciting environment. Real estate brokers, such as Lynn Gourlay, residential real estate broker, Candiac, LaPrairie, Sainte-Catherine, and Saint-Constant, play a crucial role in this complex balance, acting as strategic intermediaries to help buyers and sellers optimize their transactions in this competitive climate. Their 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 specialized advice, do not hesitate to consult your real estate broker.
Contact Lynn Gourlay, residential real estate broker, Candiac, LaPrairie, Sainte-Catherine, and Saint-Constant via lynngourlaycourtier@gmail.com or at (514) 996-0048. Visit www.lynngourlay.com for more information.
