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 transaction 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.
Historic Levels of Transactions
This transaction surge marks the fifth consecutive month of vigorous activity, thereby 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%, far surpassing pre-pandemic levels.
- Condominium: With a notable increase of 53%, condominium sales experienced a particularly positive momentum.
- Plex: Although lesser compared to other categories, plex sales increased by 35%.
The Decline of Listings and Its Consequences
The number of active listings dropped by 28% compared to November 2023, reaching historically low levels. This decline is particularly pronounced in the single-family home sector. Moreover, 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 tightened market context, the negotiating power remains strongly in favor of sellers. The sustained bidding continues to exert upward pressure on prices across all property categories.
Overheating and Price Increase
For a second consecutive month in 2024, market overheating pushed the median price of single-family homes to exceed the $400,000 mark. This reflects 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 demanding yet exciting environment. Martin Buisson, accredited real estate broker in Laval, and Mariya Tarasova, residential real estate broker in Laval, play a crucial role in this complex balance, acting as strategic intermediaries to help buyers and sellers optimize their transactions in this competitive climate. Their 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 advice tailored to your situation, do not hesitate to contact Martin Buisson for the Laval region at (514) 909-2609 or visit www.buissontarasova.ca.
