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 amounts 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 level of transactions recorded in 25 years for the month of November.
Performance by Property Category
- Single-Family Homes: Sales jumped by 44%, far exceeding pre-pandemic levels.
- Condominiums: With a notable increase of 53%, sales of condominiums experienced particularly positive momentum.
- Plexes: Although less compared to other categories, plexes saw their sales increase 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 decline 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 respective reductions of 57% and 35%.
Tight Market Conditions Favoring Sellers
In this tight market context, the bargaining power remains strongly on the sellers' side. The bidding, remaining supported, 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 has 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 a period of unprecedented opportunity for sellers, while buyers must navigate a demanding yet exciting environment. Real estate brokers 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.
