Both buyers and sellers are taking a wait-and-see approach in the Fraser Valley, and that includes Mission!
Buyers want the best deal and are keeping an eye on real estate prices as they’ve dropped in the Fraser Valley over the past two months. Sellers hope to get the most from their investments, so may hold off putting their house on the market to see if prices hold steady or even rise a little.
This “wait-and-see approach” has slowed the market considerably.
The Fraser Valley Real Estate Board (FVREB) states, “Last month’s property sales in the Fraser Valley were 29.3 per cent below the 10-year sales average for June and were the second lowest total for the month since the year 2000. The number of new listings also decreased in June, coming in at 9.6 per cent below the 10-year average for the number of listings received during that month.”
Buyers have definitely benefited recently from the slowed market as properties that have been listed for a while have had to reduce in price in order to compete.
The FVREB noted, “Single family detached homes remained on the market for an average of 35.6 days before selling.”
In some areas it still remains a buyer’s market, but there is a shift to a seller’s market in some regions. In Mission, the one-year change in price percentage dropped only 4.9%, the lowest decrease in the Fraser Valley. But as house prices in Mission, on the whole, are more affordable than in most areas, the fluctuation in price means sellers aren’t having to reduce as much as in other areas, and buyers are still getting the best bang for their buck.
You can access more information and FVREB statistics here: http://fvreb.bc.ca/statistics/Package201906.pdf
If you have any questions about the real estate market and what the best strategy is for you—whether buying or selling—contact me!