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 transaction activity. With 920 transactions recorded, this represents a 46% increase compared to November of the previous year, which equals 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 surge in transactions marks the fifth consecutive month of strong activity, 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 exceeding pre-pandemic levels.
- Condominium: With a notable 53% increase, condominium sales experienced a particularly positive momentum.
- Plex: Although lesser compared to other categories, plex sales increased by 35%.
Decline in Listings and its Consequences
The number of active listings fell 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 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, bargaining power remains strongly on the sellers' side. The overbidding, remaining strong, continues to exert upward pressure on prices across all property categories.
Overheating and Price Increase
For the second consecutive month in 2024, the 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 available options for buyers.
In conclusion, the current real estate market dynamic highlights an unprecedented period of opportunity for sellers, while buyers must navigate through a demanding but exciting environment. For any questions or to benefit from quality support, trust Maggie Sauvageau-Dumont, residential and commercial real estate broker (Drummondville and surrounding areas). Her expertise becomes more than ever essential to seize the best opportunities, whether to sell at the best price or to find the ideal property.
For more information, visit the site of Maggie Sauvageau-Dumont or contact her at (819) 818-9640.
