Current: Mission is a Sellers Market with normal listing inventories, 25 %SOLD rate and Sale Price /List Price = 98% (e.g.: means an average of a $9,900 Discount from the original list price on sale .)
Most Active Range: Homes below $350,000 have 52.6%SOLD rate
Least Active Range:: Homes above $800,000 have a 14.4 %SOLD rate
History: The Mission Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $159,915.
The Mission Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $124,489.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Mission has average Listing Supply; 142 homes are for sale and with the 25 %SOLD monthly rate gives us a ~4 months of inventory. Another indicator: 5% of the Active Listings have Reduced their Price by $34,500 on Average and $26,000 on Median for the last month. We project Mission Detached to be a sellers market.
January's Real Estate Statistics shows just 44% of Vancouver's Detached Markets increased values. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price decrease of $12,262, which the same as the $12,671 decrease that we saw in the month prior. On the Average Fraser Valley still has a stronger Market with their $7,012 monthly increase. With the much tougher mortgage lending rules upon us, the higher interest rates, pending trade tariffs and chilly economic winds arriving, we are forecasting the beginning of Buyers Market across most Detached Markets.
Currently, the Condo Markets set the breakneck pace with 93% increasing in Greater Vancouver (Lower Mainland) (28 of 30 Markets). We are forecasting a continued Seller's Market in the Condo Markets for the following months. 57% of the Townhouse Markets are currently increasing (16 out of 28 Markets), but we do expect this market to shift to a Buyer’s Market in the next few months. There is a Notable difference between the top 50% of the markets which are slowing down and decreasing over the much stronger bottom 50% of the markets. 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 Neighbourhood.