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 an increase of 46% 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 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 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 pronounced in the single-family property sector. Additionally, 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 tightened market context, the bargaining power remains strongly on the side of sellers. The sustained competition continues to exert upward pressure on prices of all property categories. Kate Carmichael, with her expertise as a residential real estate broker, offers valuable advice to navigate these complex dynamics.
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 persistent strong demand and the scarcity of options available to buyers.
In conclusion, the current real estate market dynamics highlight an unprecedented period of opportunity for sellers, while buyers must navigate a demanding but exciting environment. Your real estate broker, such as Kate Carmichael — City of Quebec including Ste-Foy, Sillery, and Cap-Rouge, plays a crucial role in this complex balance, acting as a strategic intermediary to help buyers and sellers optimize their transactions in this competitive climate. Her expertise becomes more essential than ever to seize the best opportunities, whether it's to sell at the best price or to find the ideal property.
For more information, contact Kate Carmichael via her website www.katecarmichael.com or by phone at (418) 953-1441.
