Rebound in 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, thus consolidating the second-highest level of transactions recorded in 25 years for the month of November.
Performance by Property Category
- Single-Family Homes: Sales jumped by 44%, far exceeding pre-pandemic levels.
- Condominiums: With a notable increase of 53%, condominium sales experienced particularly positive dynamics.
- Plexes: Although less compared to other categories, plexes saw their sales increase 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 drop 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, the bargaining power remains strongly on the sellers' side. Overbidding, remaining sustained, continues to exert upward pressure on property prices across all categories.
Overheating and Rising Prices
For the second consecutive month in 2024, the market overheating has pushed the median price of single-family properties to exceed the $400,000 mark. This reflects the strong persistent demand and the scarcity of available options for buyers.
In conclusion, the current real estate market dynamics highlight an unprecedented opportunity period for sellers, while buyers must navigate a demanding but exciting environment. Dominique Marchand, residential real estate broker Montreal, Outremont plays a crucial role in this complex balance. As a market expert, she is the strategic intermediary you need to optimize your transactions in this competitive climate. Her expertise is essential to seize the best opportunities, whether to sell at the best price or to find the ideal property.
For more information, contact Dominique Marchand, residential real estate broker Montreal, Outremont at (514) 621-2116 or visit her website: dominiquemarchand.ca.
