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, equivalent 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, 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 a particularly positive dynamic.
- Plex: Although lesser 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 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 tightened market context, the bargaining power remains strongly on the side of the sellers. The bidding wars, remaining sustained, continue 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 above the $400,000 mark. This reflects the persistent strong demand and the scarcity of available options for buyers.
In conclusion, the current dynamics of the real estate market highlight an unprecedented opportunity period for sellers, while buyers must navigate a challenging but exciting environment. Frédéric Corbi, a real estate broker in Montreal, 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. His expertise is 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 any specialized assistance, do not hesitate to contact Frédéric Corbi at fcorbi@sutton.com or by phone at (514) 618-6187.
