September’s housing statistics in Mission showed a slight shift, in line with Fraser Valley trends. Detached homes’ sales-to-active listings ratio fell to 14%, a drop from August’s 16%. This indicates a more balanced market favoring buyers slightly.
The Fraser Valley experienced a 13.6% decrease in sales in September from August. This suggests a market normalization. Such fluctuations are normal in real estate, possibly due to economic uncertainty.
Historical data from the FVREB highlights the Fraser Valley market’s strength, including Mission. Despite recent slowdowns, growth and stability continue to be long-term trends.
Mission’s Real Estate Statistics: By the Numbers
Detached Homes in Mission:
- Sales: There was a decrease in sales from 33 homes in August to 28 homes in September, marking a 15.2% reduction.
- New Listings: September saw an increase of 28.2%, with 91 new listings, compared to 71 the previous year.
- Active Listings: There was a surge of 11.6% from August to September, totaling 222 active listings.
- Benchmark Price: The price increased by 5.1% year-over-year to reach $1,050,800. Interestingly, there was a slight dip of 0.9% from August’s pricing.
Townhouses in Mission:
- Sales: There was a significant dip in sales, with only 4 townhouses sold in September, down 42.9% from August.
- New Listings: There was a slight decrease from 19 in August to 17 in September, reflecting a 10.5% dip.
- Active Listings: The number rose by 27.6% month-over-month to 37 active listings in September.
- Benchmark Price: Remained nearly unchanged year-over-year, resting at $673,100.
Apartments in Mission:
- Sales: September saw a decline in sales with 5 apartments sold, down 44.4% from August.
- New Listings: 11 new apartment listings in September, up 37.5% from the previous year.
Active Listings: 48 active listings in September, marking an increase of 71.4%.
Benchmark Price: A slight year-over-year decrease of 2.7%, with the benchmark price at $457,900.
Insights and Takeaways
Mission’s real estate market in September 2023 presents a mixed bag of results. While there’s an evident increase in new listings and active listings across all property types, the sales have seen a decline, especially for townhouses and apartments. One of the potential reasons could be the cooling period that typically follows a bustling summer selling season. However, with the benchmark prices for detached homes witnessing an increase, it indicates a still-strong demand for standalone properties in the area. As we transition into the final quarter of 2023, prospective buyers and sellers in Mission should remain informed about these market trends, ensuring they make data-driven decisions.
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!