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 $26,450 Discount from the original list price on sale .)
Most Active Range: Homes below $350,00 have 27.0 %SOLD rate
Least Active Range:: Homes above $800,000 have 5.6 %SOLD rate
History: The Mission Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $50,160.
The Mission Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $25,620.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Mission has average Listing Supply; 338 homes are for sale and with the 13 %SOLD monthly rate gives us a ~8 months of inventory.
Another indicator: 30% of the Active Listings have Reduced their Price by $46,348 on Average and $25,000 on Median for the last month. We project Mission
Detached to be a Stable market.
November's Real Estate Statistics shows Single Family Homes in Metro Vancouver experienced an Average Monthly Price Decrease of $5,488. This is an improvement from the $8,735 drop in October. While home prices declined for 29 consecutive months, we have built up a lot of pent-up buyers just waiting for the market to bottom out. Now some of these buyers are finally stepping back into the market in the lower-end price ranges. Today we have a stark difference between the Low-End and High-End Markets. Over the next few months, we are forecasting price stabilization in the Low-End (lower-50%) and continual decline for the High-End (Top-50%) Vancouver Detached Home Markets.
Currently, the Condo Market presents near stable Market conditions with 57% of the Greater Vancouver (Lower Mainland) Condo Prices decreasing just $308 on average. On the same note, 57% of the Townhouse Markets decreased $623 on average (12 out of 28 Markets). We are forecasting a stable Condo and Townhouse Markets in the coming 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 Neighborhood.