Recovery of Property 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 recorded transactions, this represents a 46% increase compared to November of the previous year, which is 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.
Historical 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 less significant 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 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 side of sellers. The bidding war, remaining sustained, continues to exert upward pressure on prices for all property categories.
Overheating and Rising Prices
For the second consecutive month in 2024, market overheating has pushed the median price of single-family properties to exceed the $400,000 mark. This demonstrates the strong persistent demand and the scarcity of options available 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 challenging but exciting environment. François Dénommée, residential and commercial real estate broker (Mauricie, Laurentides, and Lanaudière) plays a crucial role as a broker to consult for optimizing your transactions in this competitive climate. His in-depth market knowledge and strategic intermediary skills become more essential than ever to seize the best opportunities, whether it be to sell at the best price or to find the ideal property.
To get in touch with François Dénommée, call (514) 951-0914.
