As 2024 comes to a close, the Baie-d'Urfé real estate market has experienced notable changes compared to 2023. Here's a look at the key trends and what they mean for buyers and sellers:

Sales Volume

The number of homes sold in Baie-d'Urfé rose slightly, from 39 in 2023 to 43 in 2024, marking a modest 10% increase. This uptick, despite longer selling times, highlights steady demand in this sought-after market.

Median Price

Median sale prices saw a 20% increase but due to the small sample size (only 43 Sales) this is not reflective of market conditions. If we look at our neighbours in Beaconsfield for a much larger sample size, prices rose by a modest 2% year-over-year and we feel this is a more accurate reflection of the 2024 market. We saw reduced activity in homes priced over $1.500,000 in both 2023 and 2024. The West Island as a whole saw prices climb by 4%.

Days on Market (DOM)

Average selling time increased significantly from 50 days in 2023 to 89 days in 2024. This shift reflects buyer caution and sellers often needing to adjust their initial pricing expectations. Homes that were priced competitively attracted attention and sold faster, while overpriced listings tended to linger, leading to more expired or re-listed properties.

What Does This Mean for You?

For buyers, 2024 provided an opportunity to negotiate, particularly in the higher price brackets. Lower interest rates improved affordability but competition remained fierce under $1M, where well-priced homes continued to sell quickly.

For sellers, the 2024 market emphasized the importance of realistic pricing and comprehensive marketing strategies. While the increase in median prices was encouraging, sellers needed to be mindful of buyer hesitation, especially for homes above $1.5M, where longer days on market were more common.

Looking Ahead to 2025

Heading into 2025, we anticipate an active spring market fueled by continued buyer demand and potentially lower mortgage rates. Prices are likely to appreciate, particularly in the lower and mid-range price segments. Sellers in the higher price brackets should remain competitive with their pricing and focus on presenting their homes effectively to stand out in a selective market.

Let us know if you'd like specific insights or guidance on navigating the Baie-d'Urfé real estate market in 2025!