Rebound in Real Estate Sales in November 2024: A Striking Phenomenon
Real Estate Sales Rebound 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 recorded transactions, this represents an increase of 46% 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, thus 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 surpassing pre-pandemic levels.
- Condominium: With a notable increase of 53%, condominium sales experienced particularly positive momentum.
- Plex: Although less compared to other categories, plex sales increased 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 decrease is particularly pronounced 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 tight market context, bargaining power remains strongly on the sellers' side. 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 to exceed the $400,000 mark. This reflects the strong persistent demand and the scarcity of options available for buyers.
In conclusion, the current dynamic real estate market environment offers unprecedented opportunities for sellers, while buyers must navigate through demanding yet stimulating conditions. Consulting Bruno Couture, residential and commercial real estate broker in St-Jérôme, Mirabel, Prévost, Sainte-Sophie, and Saint-Hippolyte, can be a decisive step to understand and take advantage of this complex balance. Bruno Couture is equipped to provide strategic support and guide both buyers and sellers towards optimal transactions in this competitive environment. The expertise of Bruno Couture is essential to maximize the benefits of each transaction, whether selling at the best price or discovering the perfect property.
For more information, visit the website at www.brunocouture.com or call (579) 888-3638.
