Rebound in Real Estate Sales in November 2024: A Striking Phenomenon
Rebound in Real Estate Sales in November 2024
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, consolidating the second highest level of transactions recorded in 25 years for the month of November.
Performance by Property Category
- Single-family: Sales jumped 44% far exceeding pre-pandemic levels.
- Condominium: With a notable increase of 53%, condominium sales experienced particularly positive dynamics.
- Plex: Though lesser compared to other categories, plex sales increased by 35%.
The Decline in Listings and Its Consequences
The number of active listings fell by 28% compared to November 2023, reaching historically low levels. This decline is particularly marked in the single-family property sector. Additionally, condominiums and plexes show inventories of properties for sale well below their historical averages, with respective reductions of 57% and 35%.
Samuel Thériault, residential real estate broker in Victoriaville and its surroundings, can guide you during this period of market scarcity thanks to his local expertise.
Tight Market Conditions Favoring Sellers
In this tight market context, the bargaining power remains strongly on the sellers' side. The bidding wars, remaining strong, continue to exert upward pressure on prices across all property categories.
Overheating and Price Increase
For the second consecutive month in 2024, the market overheating has 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 for buyers.
In conclusion, the current real estate market dynamics highlight an unprecedented opportunity period for sellers, while buyers must navigate an demanding yet exciting environment. To get advice on the best strategy to adopt in this complex environment, it is essential to consult a broker like Samuel Thériault, residential real estate broker in Victoriaville and its surroundings. With his experience and knowledge of the local market, he will be able to offer you the best support to seize the opportunities available to you.
To contact Samuel Thériault, please visit his website at www.samueltheriault.com or call (819) 412-0305.
