Rebound of Real Estate Sales in November 2024: A Striking Phenomenon
Rebound in Real Estate Sales in November 2024
The month of November 2024 marked a significant turning point in the real estate sector with a notable increase in transactional activity. With 920 transactions recorded, this represents a 46% increase compared to November of the previous year, which translates 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.
Historical Levels of Transactions
This transactional surge marks the fifth consecutive month of vigorous activity, thus securing the second-highest level of transactions recorded in 25 years for the month of November.
Performance by Property Category
- Single-Family Home: Sales jumped by 44%, far surpassing pre-pandemic levels.
- Condominium: With a notable increase of 53%, condominium sales experienced a particularly positive dynamic.
- Plex: Although lower 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 home sector. Moreover, 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, bargaining power remains strongly in favor of sellers. The persistent bidding war continues to exert upward pressure on the prices of all property categories.
Overheating and Price Increases
For a second consecutive month in 2024, market overheating pushed the median price of single-family homes to exceed the $400,000 mark. This reflects persistent strong demand and the scarcity of available options for buyers.
In conclusion, the current dynamics of the real estate market highlight an unprecedented period of opportunity for sellers, while buyers must navigate a demanding yet exciting environment. Frederic Cornu, residential and commercial real estate courtier for over 25 years, Montreal and North Shore, is your courtier to consult to understand these dynamics and leverage your position in this complex game. Thanks to his experience, you can approach your real estate transactions with more confidence, whether to maximize gains during a sale or to find the property that suits you perfectly.
For more information, visit fredericcornu.com or contact him directly at (514) 894-0101.
