The February 2022 real estate market in the Fraser Valley continued to show signs of improvement. This month, the Fraser Valley Real Estate Board (FVREB) saw a record-breaking 75% increase in new listings compared to January 2022. These new listings signal a balancing market, providing much-needed optimism for prospective homebuyers. The FVREB processed 1,824 sales of all property types on its Multiple Listing Service® (MLS®) this month. This marked a 35% decrease compared to February 2021.

 

Mission, BC: Sales and Listings Overview in February 2022

Within the Fraser Valley, Mission’s February 2022 real estate market also saw significant activity. A total of 63 sales took place in Mission. This represents a 45% increase from January 2022.

  • Detached Homes: 52 detached homes were sold in February 2022. This compares to 80 sold in February 2021. Active listings for detached homes in Mission increased by 109.4% compared to February 2021.
  • Townhomes: Sales of townhomes saw an increase. Active listings for townhomes in Mission surged by 60% compared to February 2021.
  • Apartments: Sales of apartments saw a 44% decrease compared to January 2022.

Mission also saw a healthy influx of new property listings. There were 140 new listings in

February 2022. This is up from 62 in January 2022. Overall sales of all property types in Mission increased by 45% compared to January 2022.

Pricing Trends and Market Demand

Mission’s Benchmark Price for detached homes in February 2022 was $1,253,900. This shows a remarkable increase of 52.4% compared to $822,800 in February 2021. This significant jump in benchmark price highlights strong consumer demand, even as overall sales volumes adjust. The increase in new listings helps to meet this demand, offering more choice to buyers while still maintaining a competitive environment due to robust pricing.

What This Means for You

The February 2022 market data suggests an opportune time for sellers. Record-breaking new listings demonstrate increasing consumer interest and activity. This indicates that buyers are actively looking and the market is absorbing new property quickly. If you’ve been considering listing your home, the current climate of strong demand and remarkable price appreciation makes it an excellent time to take advantage.

For buyers, while prices show strong growth, the surge in new listings means more options are becoming available. This provides a better chance to find a property that matches your needs, even in a competitive market. Understanding these dynamics is key to making informed decisions.

Ready to Make Your Move?

Now is an excellent time to list your home and take advantage of this incredible consumer demand. If you have any questions about the current market, or would like a complimentary home evaluation, give me a call at 604-302-0177 or email me at [email protected] – I’d be happy to hear from you!

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