Rebound of 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 transaction level recorded in 25 years for the month of November.
Performance by Property Category
- Single-family: Sales soared by 44%, well exceeding pre-pandemic levels.
- Condominium: With a notable increase of 53%, 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 fell by 28% compared to November 2023, reaching historically low levels. This drop is particularly noticeable in the single-family property sector. In addition, 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, negotiating power remains strongly on the sellers' side. Overbidding, remaining sustained, continues to exert upward pressure on prices across all property categories.
Market Overheating and Rising Prices
For a 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 persistently strong demand and the scarcity of options available to buyers.
In conclusion, the current real estate market dynamics highlight an unprecedented period of opportunity for sellers, while buyers must navigate an demanding yet exciting environment. Daniel Benoit, residential and commercial real estate broker for Terrebonne, Lachenaie, and Mascouche, plays a crucial role in this complex balance. With his expertise, he acts as a strategic intermediary to help both buyers and sellers optimize their transactions in this competitive climate. Daniel Benoit becomes more essential than ever to seize the best opportunities, whether to sell at the best price or to find the ideal property. Do not hesitate to contact him to benefit from his insightful advice.
For more information, visit Daniel Benoit's website: danielbenoit.com or call (514) 781-4681.
