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, 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 surged by 44%, largely exceeding pre-pandemic levels.
- Condominium: With a notable increase of 53%, condominium sales experienced particularly positive dynamics.
- Multiple-unit: Although lesser compared to other categories, multiple-unit sales increased by 35%.
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. Furthermore, condominiums and multiple-unit properties show inventories well below their historical averages, with respective reductions of 57% and 35%.
Tight Market Conditions Favoring Sellers
In this tightened market context, bargaining power remains strongly on the side of sellers. The ongoing overbidding continues to exert upward pressure on prices across all property categories.
Overheating and Rising Prices
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 persisting strong demand and 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 yet exciting environment. Jason Gagnon, residential real estate broker Cap-Rouge, Saint-Agustin-de-Desmaures, plays a crucial role in this complex balance, acting as a strategic intermediary to help buyers and sellers optimize their transactions in this competitive climate. His expertise becomes more essential than ever in seizing the best opportunities, whether to sell at the best price or to find the ideal property. For personalized support, feel free to consult Jason Gagnon, who will bring you his local expertise and valued advice.
For more information, visit Jason Gagnon's website at www.jasongagnon.ca or contact him at (418) 522-8831.
