Bounce 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 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%, far exceeding pre-pandemic levels.
- Condominium: With a notable increase of 53%, condominium sales experienced a particularly positive dynamic.
- Plex: Although lesser compared to other categories, plexes saw a sales increase of 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 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, the negotiating power remains strongly on the sellers' side. Overpricing, remaining sustained, continues to put upward pressure on the prices of all property categories.
Overheating and Price Increases
For the second consecutive month in 2024, market overheating has pushed the median price of single-family properties above the $400,000 mark. This demonstrates the persistent strong demand and the scarcity of options available for buyers.
In conclusion, the current market dynamics highlight an unprecedented period of opportunity for sellers, while buyers must navigate a demanding but exciting environment. Calling upon a broker like Caroline Desbiens, residential real estate broker for the regions of Terrebonne, Saint-Lin Laurentides, and Repentigny, proves to be a wise approach. Caroline Desbiens is able to act as a strategic intermediary to maximize your opportunities, whether to sell at the best price or to find the ideal property in this competitive climate.
For more information, contact Caroline Desbiens at 514-585-2038 or visit the website at: https://www.desbiensimmobilier.com.
