Rebound of Real Estate Sales in November 2024: A Striking Phenomenon
Bounce Back 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 transaction 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 44%, far exceeding pre-pandemic levels.
- Condominium: With a notable increase of 53%, condominium sales experienced particularly positive momentum.
- Plex: Although lesser compared to other categories, plex sales increased by 35%.
The Decline in Listings and Its Consequences
The number of active listings fell by 28% from November 2023, reaching historically low levels. This decline is particularly marked in the single-family properties sector. Furthermore, condominiums and plexes show 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, bargaining power remains strongly on the seller's side. The ongoing overbidding continues to exert upward pressure on property prices of all categories.
Overheating and Rising Prices
For a second consecutive month in 2024, market overheating pushed the median price of single-family properties to exceed the $400,000 mark. This demonstrates the strong persistent demand and the scarcity of available options for buyers.
In conclusion, the current real estate market dynamics highlight an unprecedented period of opportunity for sellers, while buyers must navigate a challenging yet exciting environment. TARIK BOUDJELTIA, your residential and commercial real estate broker, 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 is more essential than ever to seize the best opportunities, whether to sell at the best price or to find the ideal property in the Laval, Mirabel, and Laurentides region.
Contact TARIK BOUDJELTIA through his website www.tarikimmobilier.com or by phone at (514)791-4444 for more information.
