The real estate market in Mission, BC, mirrored the larger Fraser Valley trends in September 2024, with rising inventories and cooling sales signalling a shift toward a buyer’s market. The slowing sales, alongside an increase in listings, indicate that prospective buyers may have more options and negotiating power in the months to come.
Key Market Insights for Mission, BC:
Detached Homes
• Sales: 22 detached homes were sold in Mission in September 2024, marking a 21.4% decrease from the 28 sales in September 2023.
• New Listings: There were 39 new listings, an increase of 30% compared to the same period last year.
• Active Listings: Active listings for detached homes rose by 31.7%, with 249 homes on the market, compared to 189 in September 2023.
Prices
• Benchmark Price: The benchmark price for detached homes stood at $1,053,400, reflecting a 2.2% increase year-over-year but a 1.6% decrease from the previous month (August 2024).
• Median Price: The median price was $915,000, down 1.6% from August.
• Average Price: The average price of detached homes in Mission was $973,772, showing a slight increase of 0.2% from September 2023.
Townhomes
• Sales: A total of 7 townhomes were sold in September 2024, down by 41.7% year-over-year.
• New Listings: There were 15 new listings, marking a 50% increase compared to the previous year.
Prices:
• Benchmark Price: The benchmark price for townhomes was $684,400, representing a 1.4% decrease from August 2024 but an increase of 9.8% compared to the same month last year.
Apartments
• Sales: The apartment market was particularly weak, with just 5 units sold, a steep decline of 20% compared to September 2023.
• New Listings: There were 7 new listings, showing a 16.7% decline from the previous year.
Prices:
• Benchmark Price: The benchmark price for apartments was $465,000, representing a 0.5% decrease compared to August 2024 but a year-over-year increase of 6.4%.
Market Outlook
The overall market in Mission is seeing a rise in inventory and a reduction in sales activity, which is consistent with broader regional trends. With buyers becoming more cautious due to interest rate expectations and affordability challenges, sellers may need to adjust their pricing strategies to attract interest.
For buyers, the increase in listings offers more choice and negotiating power, especially in the detached and townhome segments. For sellers, understanding these shifting conditions and working with an experienced real estate agent can help navigate the current market complexities.
Feel free to contact me directly at 604-302-0177 if you have any questions about buying or selling in today’s market, or if you’re curious about the value of your property. I’m here to help and look forward to assisting you every step of the way!