November 2024 Surge in Real Estate Sales: A Striking Phenomenon
Real Estate Sales Rebound in November 2024
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: Sales jumped by 44%, far exceeding pre-pandemic levels.
- Condominium: With a notable 53% increase, condominium sales experienced particularly positive momentum.
- 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 decline is particularly marked in the single-family property sector. Additionally, both 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 tight market context, the negotiating power remains strongly on the side of sellers. The continued bidding war continues to exert upward pressure on the prices of all property categories.
Overheating and Price Increase
For the second consecutive month in 2024, market overheating pushed the median price of single-family properties above the $400,000 mark. This reflects 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 an environment that is demanding yet exciting. The wise advice of David St-Germain, residential real estate broker in Sainte-Marthe-sur-le-lac, Blainville, and St-Jérôme, are essential to optimize transactions in this competitive climate. If you are considering selling or buying, the expertise of your real estate broker becomes more essential than ever to seize the best opportunities, whether to sell at the best price or to find the ideal property.
To contact David St-Germain and benefit from his advice, visit his website or call (450) 821-7977.
