Current: Mission is a Stable Market with normal listing inventories, 11 %SOLD rate and Sale Price /List Price = 96%
(e.g.: means an average of a $29,350 Discount from the original list price on sale .)
Most Active Range: Homes below $350,00 have 16.7 %SOLD rate
Least Active Range:: Homes above $800,000 have 7.5 %SOLD rate
History: The Mission Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $45,000.
The Mission Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $43,124.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Mission has average Listing Supply; 318 homes are for sale and with the 11 %SOLD monthly rate gives us a ~11 months of inventory. Another indicator: 16% of the Active Listings have Reduced their Price by $29,227 on Average and $25,000 on Median for the last month. We project Mission Detached to be a stable market.
September's Real Estate Statistics shows 62% of Vancouver's Detached Markets values experienced an Average Monthly Price decrease of $9,914. As a whole, this marks an improvement from the $26,380 drop that we saw in the month prior. On Average, Single Family Homes in Fraser Valley experienced an Average Monthly Price decrease of $7,980 which is less than the price drop of $14,299 that we saw in the month prior. Consumer confidence has been boosted with our new NAFTA trade agreement, but offset with the continued tougher mortgage lending rules and pending interest rate increases. We are still forecasting a Buyer's Market across most Detached Markets for the following month.
Currently, the Condo Market continues to present a Cool Market with 63% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, 86% of the Townhouse Markets are decreasing. (24 out of 28 Markets). Both Markets indicate a Buyer's "Taking a Rain check" behavior for the last 2 quarters. We are still forecasting a Buyers 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.