Current: Mission is a Stable Market with normal listing inventories, 14 %SOLD rate and Sale Price /List Price = 95%
(e.g.: means an average of a $28,500 Discount from the original list price on sale .)
Most Active Range: Homes between $350,00 - $550,000 have 23.3 %SOLD rate
Least Active Range:: Homes above $800,000 have 9.2 %SOLD rate
History: The Mission Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $40,704.
The Mission Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $26,009.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Mission has average Listing Supply; 343 homes are for sale and with the 14 %SOLD monthly rate gives us a ~7 months of inventory. Another indicator: 36% of the Active Listings have Reduced their Price by $50,464 on Average and $25,000 on Median for the last month. We project Mission Detached to be a Stable market.
August's Real Estate Statistics shows 67% of Vancouver's Detached Home decreased in values this month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price Decrease of $13,210. This is a positive improvement from the $22,076 drop we saw in July. On the other hand, the Fraser Valley also shows a minimal monthly price decrease of just $1,699. We are forecasting Declining Detached Home Prices across most of the Fraser Valley and Vancouver Markets the next quarter.
Currently, the Condo Market presents a Cool Market with 80% of the Greater Vancouver (Lower Mainland) Condo Prices decreasing $3,518 on average. Many new Condo Projects are now competing against the existing market. On the same note, 64% of the Townhouse Markets decreased $3,432 on average (18 out of 28 Markets). We are forecasting a Buyer's Market in most Condo and Townhouse Markets for the coming quarter. 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.