As April begins, the official data regarding the real estate market in Estrie for March 2024 is now available. March proved to be dynamic for both buyers and sellers, with an increase in the number of transactions and new listings compared to the same period last year. The average time for selling a property remains relatively stable, at an average of 76 days according to March 2024 data.

Read on to discover the key statistics of the real estate market in Estrie.

For Buyers

As a buyer, the 2024 market is definitely more favorable than a year ago. In March 2024, a significant increase of 44% was observed in the number of available properties. Compared to the previous year, where there were 1178 properties available, this year, we recorded 1700 properties, indicating an increase of 522 units.

Despite the increase in the number of properties available on the resale market, there is a 9% increase in the average selling price of properties. Currently, in Estrie, the average selling price of a single-family home is $487,843. However, this increase is less pronounced than the one recorded in February, where prices had a positive deviation of 22% compared to the previous year.

For Sellers

As sellers, it’s essential to consider several statistics when selling your property. First and foremost, like buyers, you need to monitor inventory in the market to fully understand demand and assess competition. When inventory is high, it becomes important to make your property even more attractive to buyers. This is where the role and experience of your broker will be crucial.

This year, March saw a 13% increase in sales compared to the previous year, indicating that the market remains favorable to sellers and still offers selling opportunities. However, if the trend continues, we will move towards a balanced market between buyers and sellers. We will elaborate more on this in a future newsletter.

In conclusion, the real estate market in Estrie remains very dynamic despite a certain period of economic uncertainty and high mortgage rates. Demand for the region persists. The shortage of housing, the decrease in housing starts, and the high construction costs are all factors that help stimulate the resale real estate market. Whether you are a buyer or a seller, this dynamism should certainly contribute to the successful completion of your real estate transaction!

Feel free to contact one of our experienced brokers today for assistance in buying or selling real estate.

An article from Century 21 Estrie