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, thereby consolidating the second highest transaction level recorded in 25 years for the month of November.
Performance by Property Category
- Single-family: Sales soared by 44%, far exceeding pre-pandemic levels.
- Condominium: With a notable increase of 53%, condominium sales experienced particularly positive momentum.
- Plex: Although less compared to other categories, plex sales increased by 35%.
The Decline in Listings and Its Consequences
The number of active listings fell by 28% compared to November 2023, reaching historically low levels. This decrease is particularly marked in the single-family property sector. Moreover, condominiums and plexes show property inventories for sale well below their historical averages, with respective reductions of 57% and 35%.
Tense Market Conditions Favoring Sellers
In this tight market context, bargaining power remains strongly with sellers. The sustained bidding continues to exert upward pressure on prices across all property categories.
Overheating and Rising Prices
For a second consecutive month in 2024, market overheating pushed the median price of single-family properties to exceed the $400,000 mark. This reflects the persistent strong 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 a challenging yet exciting environment. Real estate brokers, particularly Richard Michel, your residential real estate broker in Montérégie, South Shore of Montreal, play a crucial role in this complex balance. They act 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 further advice and assistance, do not hesitate to contact Richard Michel, your trusted specialist in the region.
To contact Richard Michel: richard.equipermjt@gmail.com or call (438) 507-9564. Visit his website: richardmichelcourtier.ca.
