Real estate industry still going strong this fall
Published on November 6, 2020
Several months have passed, each similar to the last, since the resumption of real estate activities in May 2020. Even the second wave of COVID-19 infections and several Quebec regions being declared red zones do not seem to have shaken property sellers’ and buyers' confidence.
Visitor activity on DuProprio.com shows that buyers continue to be active. Our site saw a 67% increase in traffic during the months of August, September and October of this year compared to the same period in 2019. That's more than 25 million visits!
“Each month has broken a new record at DuProprio,” said Martin Desfossés, real estate coach at DuProprio. “And if we look at the last weeks of October, this trend is likely to continue. Of course, the market has slowed down slightly compared to this summer, which was extremely busy. This is perfectly normal for this time of year, but the numbers remain quite impressive.”
After summer, a record autumn
In August and September, the number of properties declared sold on DuProprio.com was already 37% higher than during the same period last year, and the total sales have not been compiled yet. In October, our team of notaries received 2.3 times as many telephone calls as in 2019, indicating that a good number of real estate transactions are underway in Quebec.
Moreover, despite the pause in activity this spring, our projections show that, with just two months left in the year, we will soon be breaking a new annual record of properties declared sold on DuProprio.com.
Sellers’ advantage
It's not only property sales that are up. New listings on the DuProprio website increased by 19% between August and October, compared to 2019. However, the new properties entering the market are not sufficient to meet the huge buyer demand.
This has resulted in the lowest inventory of houses and condos for sale in several years. On average, 37% fewer properties were listed on our site in the last three months than during the same period last year. This imbalance places sellers in an enviable position of receiving multiple offers and having buyers enter bidding wars.
Fortunately, our notaries are available* to help homeowners who choose DuProprio to navigate this exciting step in real estate sales. Find out more about our services by watching our informational video.
(Posted on November 6, 2020)