Rebound of Real Estate Sales in November 2024: A Striking Phenomenon

Real Estate Sales Rebound 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 amounts 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.

Historical Levels of Transactions

This transactional surge marks the fifth consecutive month of strong activity, thus consolidating the second highest level of transactions recorded in 25 years for the month of November.

Performance by Property Category

• Single-family homes: Sales surged by 44%, significantly surpassing pre-pandemic levels.
• Condominiums: 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 dropped by 28% compared to November 2023, reaching historically low levels. This drop is particularly marked in the single-family property sector. Furthermore, 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, negotiation power remains strongly on the side of sellers. The bidding war, remaining sustained, continues to exert upward pressure on prices for all property categories.

Overheating and Price Increases

For the 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 persistent strong demand and the scarcity of options available for buyers.

In conclusion, the current real estate market dynamics highlight an unprecedented opportunity period for sellers, while buyers must navigate through a demanding yet exciting environment. Christian Duval, residential and commercial real estate broker, Repentigny, Le Gardeur, and Montreal, plays a crucial role in this complex balance as a strategic intermediary to help buyers and sellers optimize their transactions in this competitive climate. His expertise becomes more essential than ever to seize the best opportunities, whether to sell at the best price or to find the ideal property.

To explore more real estate advice or to start a successful transaction, contact Christian Duval, residential and commercial real estate broker, Repentigny, Le Gardeur, and Montreal through his website or by phone.

Visit the website: www.christianimmobilier.com

Phone: (514)827-4858