September 2022 Stats: Interest Rates Rise as Prices Decline
The Fraser Valley Real Estate Board reported a sales-to-active ratio of 15% for the month of September 2022, signifying a balanced market. Rising interest rates continue to slow the sales of all property types in the Fraser Valley as buyers exercise caution in the current market, and benchmark prices have dropped as a result. This month, the Fraser Valley Real Estate Board processed 897 of all property sales, a 51.9% decrease compared to this month last year, and an 11.8 % decrease from August 2022.
Mission Real Estate Statistics
The Board processed 897 sales of all property types on its Multiple Listing Service® (MLS®) in September 2022. 34 sales took place in Mission — a 64% decrease from September 2021. 25 detached homes were sold in September 2022, compared to 58 in September 2021. The sales of townhomes remained the same compared to this month last year, while the sale of apartments saw a slight increase.
Active listings in Mission for detached homes and townhomes increased by 215.9% and 43.8% respectively compared to this month last year.
104 new listings in September 2022 compared to 91 in August 2022.
Sales of all property types in Mission increased by 42% compared to August 2022.
Mission’s Benchmark Price for detached homes in September 2022 was $993,900, compared to $1,002,300 in September 2021, an decrease of 0.8%.
Do you have questions about buying or selling in today’s market, or are you wondering what your property is worth? Give me a call today at 604 302 0177! I look forward to hearing from you.
Latest statistics package here!