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, thereby 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 particularly positive momentum.
- Plex: Although lesser compared to other categories, plex sales increased by 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 decrease is particularly marked in the single-family property sector. Additionally, condominiums and plexes show property sales inventories 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 in the sellers' favor. 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, the market overheating pushed the median price of single-family properties above the $400,000 mark. This indicates persistent strong demand and the scarcity of available options for buyers.
In conclusion, the current real estate market dynamics highlight an unprecedented period of opportunity for sellers, while buyers must navigate a demanding yet exciting environment. Real estate brokers such as Équipe Emmanuel Paquin Montreal, with their deep expertise, play a crucial role in this complex balance. Françoise Cardyn Montreal, offers insightful advice to optimize each transaction in this competitive climate. Their competence is essential to leverage the best opportunities, whether to obtain an optimal sale price or to find the ideal property. Do not hesitate to turn to Emmanuel Paquin Montreal, Kirkland, for any questions or personalized advice.
Contact your expert: https://emmanuelpaquin.com/ or call at (514) 757-6268
