Current: Mission is a Stable Market with normal listing inventories, 14 %SOLD rate and Sale Price /List Price = 97%
(e.g.: means an average of a $24,900 Discount from the original list price on sale .)
Most Active Range: Homes between $350,00 - $550,000 have 38.5 %SOLD rate
Least Active Range:: Homes above $800,000 have 6.1 %SOLD rate
History: The Mission Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $53,909.
The Mission Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $49,171.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Mission has average Listing Supply; 306 homes are for sale and with the 14 %SOLD monthly rate gives us a ~7 months of inventory.
Another indicator: 17% of the Active Listings have Reduced their Price by $52,478 on Average and $30,000 on Median for the last month.
We project Mission Detached to be a stable market.
August's Real Estate Statistics shows 90% of Vancouver's Detached Markets decreased $26,380 in this last month and that compares to the COMPLETE OPPOSITE Market we saw in August 2015 when 90% increased by an average of $$23,833. Our August 2018 Drop demonstrates a continuous decline from $23,555 price drop we saw in July 2018. On Average, the Fraser Valley Market shows a $14,299 monthly price decrease. With the latest trade tariffs, foreign buyer taxes, higher personal taxes, tough mortgage lending rules and the pending interest rate increase, we are still forecasting a Buyer's Market across the Detached Markets for the following quarter.
Currently, the Condo Market continues to present a Cool Market with 90% 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 "Watching and Waiting" behavior which was evident in the previous quarter. We are still 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.