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 significant turning point in the real estate sector with a notable increase in transactional activity. With 920 transactions recorded, this represents a 46% rise 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 surged by 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 saw an increase of 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 sector of single-family properties. Additionally, 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, the negotiating power remains strongly with the sellers. The sustained bidding continues to exert upward pressure on the prices of all property categories.
Overheating and Price Increase
For a 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 options available to buyers.
In conclusion, the current dynamics of the real estate market highlight an unprecedented period of opportunity for sellers, while buyers must navigate a demanding yet exciting environment. Your real estate broker, such as David Voyer, residential and commercial real estate broker covering the regions of Rimouski, Rivière-du-Loup, and Trois-Pistoles, plays a crucial role in this complex balance by acting as a strategic intermediary. 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. For personalized and tailored advice, consult David Voyer to guide you through this competitive market.
For more information, contact David Voyer via his website www.davidvoyer.com or by phone at (418)717-9107.
