Current: Mission is a Stable Market with normal listing inventories, 13 %SOLD rate and Sale Price /List Price = 98% (e.g.: means an average of a $14,901 Discount from the original list price on sale .)
Most Active Range: Homes below $350,000 have 31.6 %SOLD rate
Least Active Range:: Homes above $800,000 have 8.5 %SOLD rate
History: The Mission Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $60,767.
The Mission Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $54,794.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Mission has average Listing Supply; 299 homes are for sale and with the 13 %SOLD monthly rate gives us a ~8 months of inventory. Another indicator: 18% of the Active Listings have Reduced their Price by $48,687 on Average and $30,000 on Median for the last month. We project Mission Detached to be a stable market.
June's Real Estate Statistics shows 64% of Vancouver's Detached Markets decreased values this last month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price decrease of $11,020 which shows an improvement from the significant drop of $16,674 that we saw in the month prior. On Average the Fraser Valley continues to show a further Market decline with their $8,889 monthly decrease from $4,469. With the latest trade tariffs, foreign buyer taxes, higher personal taxes, tough mortgage lending rules and the pending interest rate increase, we are forecasting a Buyer's Market across most Detached Markets.
Currently, the Condo Market is turning from a Hot to a Cooler Market, with 57% of the Greater Vancouver (Lower Mainland) still increasing. At the same time, just 50% of the Townhouse Markets are increasing (17 out of 28 Markets). The "I-Will-Wait" Attitude now outweighs the buyer's emotions of the "Fear-Of-Missing-Out" that we saw in early spring. We are forecasting a Buyers Market in the lower end Condo/Townhouse Markets for the following months. 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.