After five consecutive months of increasing sales, the Fraser Valley real estate market saw a summertime cooldown in July 2023. The Fraser Valley Real Estate Board recorded 1,368 sales in July on its Multiple Listing Service® (MLS®), a 29.3% decrease in sales from June 2023; however, sales were a 37.8% increase from this month last year. High interest rates coupled with the typical summer sales cycle are responsible for the decline in activity, as sellers and buyers reassess their goals. In July, the number of new listings amounted to 2,855, indicating a 16.6% decrease from the previous month. However, when compared to July 2022 levels, there was a noteworthy 19.7% increase, and these figures closely align with the ten-year average. Moreover, active listings showed a positive trend, rising by 4.3% compared to June, resulting in a total inventory of 6,199 properties available for sale in the region.
Mission Real Estate Statistics July 2023
The board processed 54 sales of all property types on its Multiple Listing Service® (MLS®) in Mission in July 2023 – a 37.5% decrease from last month. 39 detached homes were sold in July 2023, compared to 21 in July 2022. 8 townhomes and 7 apartments were sold in Mission in July 2023, a slight decrease from last month.
Active listings for detached homes in Mission decreased 14.3% compared to this month last year, while active listings for townhomes and apartments increased by 45% and 90% respectively.
54 new listings in July 2023 compared to 152 new listings in June 2023.
Mission’s Benchmark Price for detached homes in July 2023 was $1,056,000 compared to June 2023 was $1,017,300
If you have any questions about real estate in Mission or would like a complimentary home evaluation, give me a call at 604-302-0177 or email me at [email protected] – let’s talk!
Latest July 2023 real estate statistics package here!