The properties market in Mission, BC, mirrored broader Fraser Valley trends in September 2024. We saw rising inventories and cooling sales, signaling a shift toward a buyer’s market. Slower sales, alongside more listings, indicate that prospective property buyers may find more options and negotiating power soon.
Detached Homes: Key September Insights
Sales of detached homes in Mission saw a significant decline. Only 22 transactions were completed. This marks a 21.4% decrease from September 2023’s 28 sales.
New listings for these properties totaled 39. This represents a 30% increase compared to last year. Active listings for detached homes also rose by 31.7%. There were 249 homes on the market, up from 189 in September 2023.
Detached Home Prices in Mission
The benchmark price for detached homes stood at $1,053,400. This reflects a 2.2% increase year-over-year. However, it’s a 1.6% decrease from August 2024. The median price for a detached property was $915,000. This was down 1.6% from August. The average price for detached homes in Mission was $973,772. This showed a slight increase of 0.2% from September 2023.
Townhomes: Activity and Pricing
A total of 7 townhomes were sold in September 2024. This figure is down by 41.7% year-over-year. New listings for townhome properties reached 15. This marks a 50% increase compared to the previous year.
The benchmark price for townhomes was $684,400. This represents a 1.4% decrease from August 2024. However, it was an increase of 9.8% compared to the same month last year.
Apartments: Sales and Price Resilience
The apartment market showed particular weakness. Only 5 units sold in September. This is a steep decline of 20% compared to September 2023.
There were 7 new property listings for apartments. This shows a 16.7% decline from the previous year. The benchmark price for apartments was $465,000. This represents a 0.5% decrease compared to August 2024. Yet, it was a year-over-year increase of 6.4%.
Market Outlook: What’s Next for Mission Real Estate
The overall market in Mission shows a rise in inventory. We are also seeing a reduction in sales activity. This trend is consistent with broader regional patterns. Buyers are becoming more cautious. This is due to interest rate expectations and affordability challenges. Therefore, sellers may need to adjust their pricing strategies. This will help them attract interest.
For buyers, more listings offer increased choice. It also provides greater negotiating power. This is especially true in the detached and townhome segments. For sellers, understanding these shifting conditions is key. Working with an experienced real estate agent can also help. They can guide you through current market complexities.
Feel free to contact me directly at 604-302-0177. I can answer any questions about buying or selling in today’s market. You might also be curious about the value of your property. I’m here to help and look forward to assisting you every step of the way!