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 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, which equates 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. For those looking to sell or buy, the advice of a broker like Gail Meili, real estate broker Saint-Lazare and Hudson can be invaluable.
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 a particularly positive dynamic.
- Plex: Although less compared to other categories, plex sales rose 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 decline is particularly marked in the single-family property sector. Additionally, condominiums and plexes display inventories of properties 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 negotiating power remains strongly on the sellers' side. The sustained bidding continues to exert upward pressure on prices of all property categories.
Overheating and Rising Prices
For the second consecutive month in 2024, the market overheating pushed the median price of single-family homes to exceed the $400,000 mark. This demonstrates the persistent strong demand and the dwindling 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 demanding yet exciting environment. To better understand these market conditions, reaching out to Gary Bosch, real estate broker Vaudreuil-Dorion, Saint-Lazare and Hudson, can offer you a crucial advantage. 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. Contact Gail Meili, real estate broker Saint-Lazare and Hudson, at 514 969-4134 or visit www.gailmeili.com for more information.
