Current: Mission is a Stable Market with normal listing inventories, 13 %SOLD rate and Sale Price /List Price = 95%
(e.g.: means an average of a $29,000 Discount from the original list price on sale .)
Most Active Range: Homes between $550,00 - $675,000 have 21.0 %SOLD rate
Least Active Range:: Homes above $800,000 have 7.8 %SOLD rate
History: The Mission Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $50,604.
The Mission Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $28,535.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Mission has average Listing Supply; 303 homes are for sale and with the 13 %SOLD monthly rate gives us a ~8 months of inventory. Another indicator: 20% of the Active Listings have Reduced their Price by $36,463 on Average and $25,100 on Median for the last month. We project Mission Detached to be a stable market.
October's Real Estate Statistics show our Markets have started to Stablize with 48% of Vancouver's Detached Markets increasing values this month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price Decrease of $7,184, which is less than the $9,914 decrease that we saw in the month prior. On Average, Out in the Fraser Valley, the Markets decreased $4,586 this month. Consumer confidence has been boosted with our new NAFTA-USMCA trade agreement but offset with the continued tougher mortgage lending rules and interest rate increases. We are still forecasting a Stable 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, 61% of the Townhouse Markets are decreasing (11 out of 28 Markets). 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.