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, 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 level of transactions recorded in 25 years for the month of November.
Performance by Property Category
- Single-family: Sales jumped by 44%, far surpassing pre-pandemic levels.
- Condominium: With a notable increase of 53%, condo 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 dropped by 28% compared to November 2023, reaching historically low levels. This decline is particularly marked in the single-family property sector. Furthermore, condos 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, bargaining power remains strongly on the sellers' side. The sustained bidding continues to exert upward pressure on the prices of all property categories.
Overheating and Rising Prices
For the second consecutive month in 2024, market overheating pushed the median price of single-family properties to exceed the $400,000 threshold. This demonstrates the strong persistent demand and 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 demanding yet exciting environment. To optimize your transactions in this competitive climate, consulting Marie-Hélène Dorais, residential real estate broker, specializing in the Quebec and Lévis regions, can be the key to success, whether it's selling your property at the best price or finding your dream home.
For advice on the current real estate market, contact Marie-Hélène Dorais at (418)446-5665
