Current: Mission is a Stable Market with normal listing inventories, 11 %SOLD rate and Sale Price /List Price = 95%
(e.g.: means an average of a $43,000 Discount from the original list price on sale .)
Most Active Range: Homes between $350,00 - $550,000 have 22.2 %SOLD rate
Least Active Range:: Homes above $800,000 have 7.4 %SOLD rate
History: The Mission Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $21,001.
The Mission Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $5,955.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Mission has average Listing Supply; 295 homes are for sale and with the 11 %SOLD monthly rate gives us a ~9 months of inventory. Another indicator: 20% of the Active Listings have Reduced their Price by $33,210 on Average and $25,000 on Median for the last month. We project Mission Detached to be a stable market.
January's Real Estate Statistics shows 69% of Vancouver's Detached Markets values experienced an Average Monthly Price decrease of $13,255 which more than last December's price drop of $11,497. On Average, the Fraser Valley Market shows a $3,389 monthly price decrease. Consumer confidence has been damped with the Volatile Stock Markets, tougher mortgage lending rules, and pending interest rate increases. We are forecasting a Buyer's Market across most Detached Markets for the following months.
Currently, the Condo Market presents a Cool Market with 77% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, 71% of Townhouse Markets are decreasing. (20 out of 28 Markets). Both Markets still indicate a Buyer's "Wait-To-Drop-More" behavior for the last 3 quarters. We are forecasting a Buyer’s Market in all Condo/Townhouse Markets for the foreseeable future. We analyze and provide 97 individual City's Home Price Indexes to supply you the MOST ACCURATE Market Trends every 2 weeks. Please contact us for your own Market Value Update with an in-depth Analysis and Forecast in your Local Market Area and more specifically - Your Neighborhood.