October’s real estate statistics in Mission, BC, reflect a nuanced market scenario, aligning with broader Fraser Valley trends. This month, we observed notable shifts in sales activity and listings, signalling evolving market dynamics. The Fraser Valley Real Estate Board recorded 970 sales in October 2023 on its Multiple Listing Service® (MLS®), a 12% decrease from last month. 35 sales took place in Mission, BC.
Fraser Valley Real Estate Overview
October 2023 saw a continuation of the trend of reduced property sales and listings in the Fraser Valley, including Mission. This trend could be indicative of buyers and sellers adopting a cautious approach amidst a fluctuating economic landscape.
Mission’s Real Estate Statistics: A Closer Look
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Detached Homes:
- Sales: Sales saw a decrease, with fewer transactions compared to September.
- New Listings: New listings for detached homes remained steady, offering a variety of choices for prospective buyers.
- Active Listings: The number of active listings showed a marginal increase, providing more options for buyers.
- Benchmark Price: $1,004,700, a 2.9% increase from this month last year.
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Townhouses:
- Sales: The townhouse segment experienced a slight dip in sales, mirroring the overall market trend.
- New Listings: New listings for townhouses remained consistent, indicating a stable supply in this segment.
- Active Listings: Active listings increased, suggesting a growing inventory in the townhouse market.
- Benchmark Price: $664,600, a 0.6% decrease from this month last year.
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Apartments:
- Sales: Apartment sales mirrored the broader market trend, with a slight decrease in transactions.
- New Listings: New apartment listings presented a stable supply for potential buyers.
- Active Listings: Active listings for apartments showed an increase, offering more choices to buyers.
- Benchmark Price: $452,800, a 1% decrease from this month last year.
Insights and Considerations
The real estate market in Mission, BC, in October 2023 presents a picture of gradual change and adaptation. While sales in certain segments have slowed, the increase in active listings across all property types suggests a market that is adjusting to the needs and expectations of buyers and sellers alike. The relative stability in benchmark prices across detached homes, townhouses, and apartments indicates a balanced market environment.
For individuals looking to navigate this market, whether buying or selling, it’s crucial to stay informed about these trends and consider how they align with their real estate objectives. As we approach the end of 2023, keeping a close eye on these developments will be key to making informed decisions in Mission’s real estate landscape.
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!
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