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Current: Mission is a Stable Market with Average Listing inventories, a 12 %SOLD Rate and Sell Price/List Price = 96%
(Meaning there is an Average of a $39,000 decrease from the original list price on sale.)
Most Active Range: Homes below $850,000 26.7 %SOLD Rate
Least Active Range: Homes above $2.0 mill. have 4.4 %SOLD Rate.
History: The Mission Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $50,611.
The Mission Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $34,475.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Mission has average Listing supply; 366 homes are for sale and with the 12 %SOLD Monthly Rate gives us a ~8 months of inventory. Another indicator: 14% of the Active Listings have Reduced their Price by $55,844 on Average and $30,000 on Median for the last month. We project Mission Detached to be a Stable market.
Greater Vancouver October 2024:
October's real estate report shows that 52% of detached homes in Greater Vancouver lost value this month. On average, single-family homes in Metro Vancouver saw a price drop of $1,045. With mortgage rates going down, buyers will be more active, especially in the condo and townhouse markets. We forecast that the Metro Vancouver area to remain a buyer's market until the end of the year.
In October, the average price of condos decreased by $3,925, and townhouses saw a decline of $3,155. We forecast that the condo and townhouse markets will remain a buyer's market in the coming months.
To keep up with the latest market trends, tune in every Saturday at noon on VancouverMarketReports.com. We analyze which areas in the Lower Mainland are rising or falling. For a full update on market values, forecasts, and a detailed analysis of your neighborhood, reach out to Bill Coughlin and the Coughlin Team at 778-374-3744.
Fraser Valley October 2024:
October's real estate statistics show that 50% of detached homes in the Fraser Valley lost value this month. Overall, single-family homes in the Fraser Valley had an average price drop of $2,083. With mortgage rates going down, buyers will be more active, especially in the condo and townhouse markets. For now, we expect the Fraser Valley to remain a buyer's market until the end of the year.
In October, the average price of condos decreased by $1,364, and townhouses saw a decline of $940. We forecast that the condo and townhouse markets will remain a buyer's market in the coming months.
To keep up with the latest market trends, tune in every Saturday at noon on VancouverMarketReports.com. We analyze which areas in the Lower Mainland are rising or falling. For a full update on market values, forecasts, and a detailed analysis of your neighborhood, reach out to Bill Coughlin and the Coughlin Team at 778-374-3744.
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