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, equating 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 Transaction Levels
This transactional surge marks the fifth consecutive month of vigorous activity, thus consolidating the second highest transaction level recorded in 25 years for the month of November.
Performance by Property Category
- Single-family: Sales soared by 44%, significantly exceeding pre-pandemic levels.
- Condominiums: With a notable increase of 53%, condominium sales experienced particularly positive momentum.
- Plexes: Although lower compared to other categories, plex sales rose by 35%.
The Decline in Listings and Its Consequences
The number of active listings dropped by 28% from November 2023, reaching historically low levels. This decrease is particularly marked in the single-family property sector. Additionally, condominiums and plexes exhibit property inventories for sale well below their historical averages, with respective reductions of 57% and 35%.
Tight Market Conditions in Favor of Sellers
In this tight market context, bargaining power remains strongly on the sellers' side. Overbidding, remaining strong, continues to exert upward pressure on property prices across all categories.
Overheating and Price Increases
For a second consecutive month in 2024, 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. Monique Gauthier, your real estate broker in the Chambly and Granby regions and surroundings, highlights the opportunities but also the specific challenges buyers and sellers face in this rapidly evolving market.
In conclusion, the current real estate market dynamics highlight an unprecedented period of opportunity for sellers, while buyers must navigate in a demanding yet exciting environment. Consulting with real estate broker Monique Gauthier for Chambly, Granby, and the surroundings can offer you a significant advantage. As an experienced broker, she will guide you to optimize your transactions in this competitive climate. Her expertise becomes more essential than ever to seize the best opportunities, whether to sell at the best price or to find the ideal property.
Discover more tips on the site of Monique Gauthier, real estate broker: www.moniquegauthier.ca or contact her directly at (450) 357-0435.
