Real Estate Sales Rebound 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 an increase of 46% 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 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 soared by 44%, significantly surpassing 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 dropped by 28% compared to November 2023, reaching historically low levels. This decrease is particularly marked in the single-family property sector. Furthermore, condominiums and plexes display property inventories for sale 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 sellers' side. The competition, remaining sustained, continues to exert upward pressure on the prices of all property categories.
Overheating and Price Increase
For the second consecutive month in 2024, market overheating 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.
In conclusion, the current dynamics of the real estate market underscore an unprecedented period of opportunity for sellers, while buyers must navigate a demanding but exciting environment. Your real estate broker, such as Ariane LeBlanc, residential and commercial real estate broker in Lévis and Quebec, plays a crucial role in this complex balance. Her expertise becomes more essential than ever to maximize opportunities, whether to sell at the best price or to find the ideal property.
For more information, visit the website at www.arianeimmobilier.ca or contact (581) 500-1117.
