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Current: Mission is a Buyer's Market with Average Listing inventories, a 8 %SOLD Rate and Sell Price/List Price = 95%
(Meaning there is an Average of a $49,000 decrease from the original list price on sale.)
Most Active Range: Homes below $850,000 22.2 %SOLD Rate
Least Active Range: Homes above $2.0 mill. have 3.8 %SOLD Rate.
History: The Mission Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $55,797.
The Mission Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $15,921.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Mission has average Listing supply; 372 homes are for sale and with the 8 %SOLD Monthly Rate gives us a ~12 months of inventory. Another indicator: 11% of the Active Listings have Reduced their Price by $43,308 on Average and $40,000 on Median for the last month. We project Mission Detached to be a Buyer's market.
Greater Vancouver September 2024:
The market for single-family homes in Greater Vancouver is steady this month because many Chinese buyers are coming in for the National Holiday and the Mooncake Festival. Right now, 62% of homes are experiencing small price increases, which is a big change from the $24,000 average drop we saw in the last few months. Looking ahead, we think most home buyers and investors will wait before jumping back into the market until interest rates go down more and prices drop. We expect that Metro Vancouver will still be a buyer's market until the early spring.
In September, average prices for condos fell by $3,452, while townhouses dropped by $5,908. We forecast that the condo and townhouse markets will continue to be in a buyer's market over the next few 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 September 2024:
The market for single-family homes in Fraser Valley is still favoring buyers. Currently, 67% of homes are seeing price decreases, with an average drop of $4,213 in September. This decline is better than the $25,000 average drop we saw in the past couple of months. Moving forward, we forecast most home buyers and investors will be holding off stepping back into the market as the wait for further cuts in interest rates and market drops. We expect the Fraser Valley area will remain a buyer's market until the early spring.
In September, average prices for condos fell by $3,894, while townhouses dropped by $4,569. We forecast that the condo and townhouse markets will continue to be in a buyer's market over the next few 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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