Take a look at the November market report for Longueuil! The statistics are provided by the QPAREB.
Looking at the October numbers, we can consider the following for single family homes in Longueuil: What the statistics means for single-family homes:
Average Days on Market (DOM): There was an increase in the average days on the market (up 8%) which typically indicates a slowing market, suggesting it might be shifting towards a buyer's market. Properties staying on the market longer could mean buyers have more options and may not feel as pressured to make quick decisions.
Median Price: There was an increase in median price (up 1%) which is generally a positive sign for sellers, suggesting demand and property values are holding or increasing slightly. This could indicate a seller's market, but the modest increase might suggest a balanced market.
Active Listings: There was an increase in active listings (up 2%) which usually indicates more inventory available for buyers. This can be an indicator of a buyer's market, as they have more options to choose from.
Listings Sold: There was a decrease in listings sold (down 9%) whicg could be a sign of decreased demand or increased competition, which might contribute to a buyer's market.
Considering these factors collectively, the market appears to be showing signs of a shift towards a buyer's market due to increased days on market, more active listings, and a decrease in listings sold. However, it's important to note that real estate markets can vary, and these are general trends based on the statistics. Local market conditions, economic factors, and other variables can also influence the overall market dynamics.
Looking at the October numbers, we can consider the following for condos in Longueuil: What the statistics means for condos: Average Days on Market (DOM): There was a decrease in the average days on the market (down 4%) which is generally a positive indicator, suggesting properties are selling faster. This could be indicative of a seller's market, where demand is relatively high.
Median Price: There was an increase in median price (up 3%) which is typically favorable for sellers, suggesting growing demand or limited supply. This may contribute to a seller's market environment. Active Listings: There was an increase in active listings (up 7%) which generally implies more choices for buyers. This could be a sign of a buyer's market, where there's a greater supply of condos available.
Listings Sold: There was a significant decrease in listings sold (down 22%) which is a notable negative trend, indicating a substantial drop in demand or increased competition. This could contribute to a buyer's market, as sellers may find it challenging to sell their properties.
Considering these factors collectively, the condo market in Longueuil appears to be showing mixed signals. While the decrease in average days on the market and the increase in median price suggest elements of a seller's market, the significant drop in listings sold and the increase in active listings indicate potential buyer's market conditions. It's important to consider additional local factors and market dynamics to get a comprehensive understanding of the current real estate landscape.
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