Current: Mission is a Stable Market with normal listing inventories, 15 %SOLD rate and Sale Price /List Price = 96%
(e.g.: means an average of a $23,800 Discount from the original list price on sale .)
Most Active Range: Homes between $350,00 have 25.0 %SOLD rate
Least Active Range:: Homes above $800,000 have 6.8 %SOLD rate
History: The Mission Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $39,137.
The Mission Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices decreased $44,212.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Mission has average Listing Supply; 348 homes are for sale and with the 15 %SOLD monthly rate gives us a ~7 months of inventory. Another indicator: 20% of the Active Listings have Reduced their Price by $39,520 on Average and $25,800 on Median for the last month. We project Mission Detached to be a Stable market.
July's Real Estate Statistics shows 74% of Vancouver's Detached Home decreased in values this month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price Decrease of $22,076. This demonstrates a trend of deeper declines as evidenced from the $18,158 drop in June, $14,880 drop in May and the $8,007 drop in April. On the other hand, the Fraser Valley also shows a declined this month with the monthly price decrease of $3,176. 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 87% of the Greater Vancouver (Lower Mainland) Condo Prices decreasing $6,482 on average. On the same note, 81% of the Townhouse Markets decreased $3,507 on average (23 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.