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 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 boom 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%, far exceeding pre-pandemic levels.
- Condo: With a notable increase of 53%, condo sales experienced particularly positive dynamics.
- Plex: Although less 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 decrease is particularly marked in the single-family property sector. Moreover, condos and plexes display inventories of properties for sale well below their historical averages, with respective reductions of 57% and 35%.
Tight Market Conditions Favor Sellers
In this tight market context, bargaining power remains strongly on the side of sellers. The bidding war, remaining strong, continues to exert upward pressure on prices across 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 options available for buyers.
In conclusion, the current real estate market dynamics highlight an unprecedented period of opportunity for sellers, while buyers must navigate in a demanding but exciting environment. Your residential real estate broker, Shawn Gauthier, Saint-Hyacinthe and its surroundings, plays a crucial role in this complex balance. His expertise becomes more essential than ever to seize the best opportunities, whether to sell at the best price or to find the ideal property. Do not hesitate to consult Shawn Gauthier to optimize your transactions in this competitive climate.
For more information, contact Shawn Gauthier through his website or by phone at (450) 518-1028.
