February brought a slight increase in activity to Fraser Valley real estate. Sales were up for the first time since October 2022, and property prices also saw a modest rise this month. Sandra Benz, President of the Fraser Valley Real Estate Board, predicts the imminent pause on interest rate increases will result in sales increasing as we head into spring.
Mission Real Estate Statistics for February 2023
The Board processed 898 sales of all property types on its Multiple Listing Service® (MLS®) in February 2023. 33 sales took place in Mission — a 62.5% decrease from February 2022. 22 detached homes were sold in February 2023, compared to 52 in February 2022. The sales of townhomes increased slightly compared to this month last year, and the sales of apartments saw a small decrease.
Active listings in Mission for detached homes increased 10.8%, while active listings for townhomes and apartments increased significantly compared to this month last year.
New listings for detached homes in February 2023 decreased by 64.5% compared to this month last year.
Sales of all property types in Mission increased by 53.8% compared to January 2023.
Mission’s Benchmark Price for detached homes in February 2023 was $884,200 compared to $1,314,100 in February 2023, a decrease of 32.7%.
Whether you’re buying or selling, it’s important to have an experienced Realtor on your side. If you have any questions about the current market, or would like to schedule a complimentary home evaluation, you can contact me directly at 604 302 0177. Let’s talk!
Latest statistics package here!