Eastern Townships Monthly Report – January 2024

The first month of the year is already behind us. It was a very dynamic first month in real estate. The statistics are surprising in some respects and reassuring in others.

Discover here the real estate statistics between January 2024 compared to the previous year. You will notice differences in terms of new listings, active listings, the number of sales, and the average time to sell a property. The tone is set by this dynamic start to the real estate market, but will it last?

 

New Properties

Despite a slight slowdown in the real estate market at the end of 2023, we can see that sellers remain very active. There has been a 55% increase in new listings on the market compared to the same month in 2023. This trend has been observed for several months now, but it is now experiencing its most significant increase.

 

Properties on the Market

The number of properties for sale is an attractive and motivating factor for buyers. After several years of the real estate market moving very quickly and with limited inventory, buyers had to be appealing to sellers and had very little time to decide whether to make an offer. Now, with a total increase of over 46% in the inventory of available properties, buyers can make a more thoughtful choice. However, we still notice some exceptions on certain properties that still manage to put buyers in competition.

 

Real Estate Sales

One of the statistics that real estate enthusiasts are most interested in is the number of property sales. Many look at this figure to determine if the market is growing, neutral, or slowing down. In 2024, forecasts predicted a slowdown, but January reveals a different reality: a 7% increase is observed for single-family property sales in Estrie.

We often face questions about sales timelines when discussing the sale of a property. Although there has been a slight increase, around 7%, they are still largely influenced by effective marketing strategies.

By observing all these statistics, we can understand that the real estate market in the Eastern Townships is still very dynamic, allowing for fairer negotiations and more reasonable timelines. Next week, we will discuss housing affordability and try to determine if it is more advantageous to continue renting or to commit to a real estate purchase.

An article from Century 21 Estrie

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