Mission Real Estate Market Trends Summer 2017

Are you thinking about selling or buying a home in Mission?

You may have heard that overall the real estate market slowed this summer, and that may seem to be the case when you compare June’s home sales to July’s. June 2017 saw 2,571 sales, and July saw 1,937.

It is usual to see a little dip in home sales in early summer as people take a break for vacations and travel. A REALTOR® can help you understand how these statistics determine how to market your home for sale, or how to navigate the market if you are buying a home.

Though house sales dropped by 1.3% in July 2017 compared to 2016, it was, in fact, the sixth strongest July in the history of the Fraser Valley Real Estate Board. And home prices are on the rise—a good time to get your Mission home on the market if you are considering selling.

As the summer progressed, there was an increase in selling and buying activity which is not usual for August. As we head into fall, the weather will cool, but the housing market is bound to heat up.

Looking to SELL Your Home in Mission, BC?

Seasons matter in the real estate market and REALTOR®s are experts in knowing how to market your home at different times of year. They have access to data and statistics that home sellers and buyers do not have.

In general, the inventory of homes on the market is increasing each month, and a REALTOR® with knowledge of the Fraser Valley real estate market can help you price and sell your home when competition can be fierce.

A REALTOR® can share with you the average time that homes similar to yours are selling, and how much they are selling for. They can guide you on how to price your home to attract multiple buyers.

Looking to BUY a Home in Mission, BC?

The summer of 2017 has seen home prices steadily rising, and a gradual increase of homes on the market toward the end of August. Historically, fall has been a time when even more homes come on the market, so it’s an opportunity for more choice for buyers.

Speaking with a REALTOR® will place you in a strong position to compete with other buyers eager to get into the Fraser Valley real estate market.

An expert opinion is crucial when you need to make a decision quickly and with confidence.

Housing Price Statistics from the Fraser Valley Real Estate Board (July 2017)

  • Single Family Detached: At $966,000, the Benchmark price for a single family detached home in the Valley increased 3.4 per cent compared to June 2017, and increased 10.0 per cent compared to July 2016.
  • Townhomes: At $485,900 the Benchmark price for a townhome in the Fraser Valley increased 4.0 per cent compared to June 2017, and increased 18.1 per cent compared to July 2016.
  • Apartments: At $341,100, the Benchmark price for apartments/condos in the Fraser Valley increased 4.9 per cent compared to June 2017, and increased 33.3 per cent compared to July 2016.

It’s interesting to note that for the twelfth consecutive month attached homes (townhouses and apartments) have outpaced detached homes in sales.

If you have any questions about selling or buying a home in Mission, BC, don’t hesitate to contact me. I am here to help!

By | 2017-09-05T08:48:04+00:00 September 5th, 2017|All Entries, Real Estate|Comments Off on Mission Real Estate Market Trends Summer 2017