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, equating 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: Sales jumped by 44%, significantly 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. Additionally, condominiums and plexes show inventories of properties for sale well below their historical averages, with respective reductions of 57% and 35%.
Tense Market Conditions Favoring Sellers
In this tight market context, the bargaining power remains strongly on the sellers' side. Overbidding, remaining sustained, continues to exert upward pressure on prices for 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 indicates 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. Jean-Chrystophe Diotte, residential and commercial real estate broker in Mascouche, Terrebonne, and Repentigny, plays a crucial role in this complex balance, acting as a strategic intermediary to help buyers and sellers optimize their transactions in this competitive climate. Enlisting the services of Alexandre Jean, residential real estate broker in the Mascouche, Terrebonne, and Repentigny regions, becomes more essential than ever to seize the best opportunities, whether to sell at the best price or to find the ideal property.
For more information or to consult a broker, visit your broker's website www.equipejeandiotte.com or call (438) 923-4207 or (438) 882-7246.
