|
Current: Mission is a Buyer Market with Average Listing inventories, a 6 %SOLD Rate and Sell Price/List Price = 97%
(Meaning there is an Average of a $31,999 decrease from the original list price on sale.)
Most Active Range: Homes between $850,000 - $975,000 13.2 %SOLD Rate
Least Active Range: Homes above $1.45 mill. - $2.0 mill. have 4.2 %SOLD Rate.
History: The Mission Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $15,468.
The Mission Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $29,551.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Mission has average Listing supply; 311 homes are for sale and with the 6 %SOLD Monthly Rate gives us a ~17 months of inventory. Another indicator: 10% of the Active Listings have Reduced their Price by $39,890 on Average and $39,888 on Median for the last month. We project Mission Detached to be a Buyer market.
Greater Vancouver January 2025:
In January, 67% of detached homes in Greater Vancouver increased in value. The average price for single-family homes rose by $7,985, reversing December’s $7,510 decline.
The Chinese New Year (Jan 29th) usually sparks a surge in buying activity. This year, cash did flow in, but at a much lower volume than in past years.
On one hand, buyers are encouraged by recent interest rate drops. But that optimism is mixed with uncertainty as we await the Federal election, which could give the new government a stronger mandate to negotiate pending American tariffs.
Despite these factors, the Metro Vancouver market is still expected to remain stable.
Condo and townhouse prices are also rising, with average increases of $3,642 and $913, respectively. These markets are forecasted to hold steady until late spring.
For updates, visit VancouverMarketReports.com every Saturday at noon to see which areas in the Lower Mainland are gaining or losing value. For your Free Home Market Analysis and expert advice on your neighborhood, contact Bill Coughlin and the Coughlin Team at 778-374-3744.
Fraser Valley January 2025:
In January 67% of detached homes in Fraser Valley saw a small increase in value. For the month of January, the average price for single-family homes went up from $1,182 in December to $1,565.
The Chinese New Year (Jan 29th) usually sparks a surge in buying activity. This year, cash did flow in, but at a much lower volume than in past years. The Fraser Valley benefits from trickle-down buyers when Vancouver is active.
On one hand, buyers are encouraged by recent interest rate drops. But that optimism is mixed with uncertainty as we await the results of the Federal election, which could give the new government a stronger mandate to negotiate pending American tariffs.
Despite these factors, the Fraser Valley detached market is expected to remain stable.
While townhouse prices have risen with $780, the condo market has declined to an average of $1,544. However, both markets are still forecasted to remain steady until late Spring.
For updates, visit VancouverMarketReports.com every Saturday at noon to see which areas in the Lower Mainland are gaining or losing value. For your Free Home Market Analysis and expert advice on your neighborhood, contact Bill Coughlin and the Coughlin Team at 778-374-3744.
|
