Bounce 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 exceeding pre-pandemic levels.
• Condominium: With a notable increase of 53%, condominium 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 decrease is particularly marked in the single-family property 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 in Favor of Sellers

In this tight market context, negotiating power remains strongly on the sellers' side. The bidding wars, remaining strong, continue to exert upward pressure on the prices of all property categories.

Overheating and Rising Prices

For a second consecutive month in 2024, the market overheating pushed the median price of single-family properties to exceed the $400,000 mark. This reflects the ongoing strong demand and the scarcity of options available for buyers.

In conclusion, the current real estate market dynamic underscores an unprecedented period of opportunity for sellers, while buyers must navigate a demanding but exciting environment. Sacha Loyer, real estate broker in Laval, plays a crucial role in this complex balance, acting as your strategic intermediary to help you optimize your 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. For any questions or to explore available real estate options, contact Sacha Loyer, real estate broker in Laval, at (514)792-0507 or visit his website at www.sachaloyerimmobilier.ca.