The Fraser Valley Real Estate Board reported another month of declining sales and increasing inventory, signifying the return of a balancing market. The benchmark prices for homes in the Fraser Valley have returned to prices not seen since 2021. In August 2022, the Fraser Valley Real Estate Board processed 1,017 of all property sales, a 51.3% decrease compared to this month last year, and a 2.4% increase from July 2022. The sales-to-active-listing ratio for August 2022 was 17%, another indicator of a balanced market.
The Board processed 1,017 sales of all property types on its Multiple Listing Service® (MLS®) in August 2022. 22 sales took place in Mission – an 8% decrease from July 2022. 14 detached homes were sold in August 2022, compared to 60 in August 2021, a decrease of 76.7%. The sales of townhomes and apartments declined 50% and 33.3% respectively compared to August 2021.
This month active listings for detached homes increased 175.3% and active listings for townhomes increased 50% compared to this month last year.
Mission Real Estate Statistics
- 91 new listings in August 2022 compared to 96 in July 2022.
- Sales of all property types in Mission increased by 8% from July 2022.
- Mission’s Benchmark Price for detached homes in August 2022 was $1,000,100 compared to $990,600 in August 2021, a 1% increase.
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.