Eastern Townships Monthly Report December 2023

Lately, we have been hearing from many sources that the real estate market is experiencing a slowdown in Quebec. Does this trend also manifest itself in the Eastern Townships region? Despite monthly expectations of a decrease in transactions, the figures remain remarkably stable. Following an astonishing November, it is now December’s turn to maintain this momentum.

We observe a slight decrease in selling prices between December 2022 and December 2023, while in terms of the number of transactions, the result is higher than last year, despite interest rates being three times higher. Continue reading to deepen your understanding of the latest real estate market statistics in the Eastern Townships!

Properties available on the market

The growth of available property inventory continues in the Eastern Townships. Prospective buyers can rejoice in the ever-expanding choice of properties available to them.

We note a significant increase, 36% more available properties this month compared to the same period last year. The inventory now totals over 1500 properties on the Estrie market. Nevertheless, we cannot conclude that it’s a buyer’s market. In the most sought-after sectors, we are still in a seller’s market. However, we see a trend suggesting a shift towards a more balanced market in general.

December sales

A frequently asked question by our brokers concerns the most opportune time to sell, especially with the market experiencing a certain calm. We observe that the selling times, from 55 days in 2022 to 63 days in 2023, have slightly lengthened. However, it is important to note that despite this change, transactions still conclude with a 9% increase in volume, totaling 227 sales in December 2023 compared to 208 in December 2022. This represents a very positive development for the real estate market and reflects the buyers’ interest in investing in our beautiful region.

Average price

After several months of constant growth, last month reveals a slight decrease, barely a 0.47% decline. It will be interesting to observe this phenomenon and validate if it will become a trend in 2024. We will remain attentive in the coming months to assess the situation.

For any questions about the real estate market, feel free to contact one of our experienced brokers.

An article from Century 21 Estrie.

 

 

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