As we reflect on the Fraser Valley real estate market’s performance in December 2023, a few key trends and comparisons stand out, particularly for Mission, BC. If you’re in Mission and thinking about buying or selling, this is a really interesting time. The market is like a calm sea after a storm – not too many waves, but still plenty of opportunities for a good catch.
Fraser Valley Market Overview
The Fraser Valley closed 2023 with the lowest annual sales in a decade. High interest rates contributed to this decline, holding year-over-year price growth to low single digits. There were 14,713 sales in the Fraser Valley for the year, marking a 4% decline from 2022 and falling 23% below the 10-year average. The composite Benchmark home price ended at $988,900, a 6% decrease from July 2023 but a 5% increase over the year.
December 2023 vs. December 2022
- Sales Increase: December 2023 saw a 17% increase in sales compared to December 2022, with 837 sales recorded.
- New Listings Rise: New listings increased by 17% compared to December 2022.
- Market Balance: The sales-to-active listings ratio stood at 18%, indicating a balanced market.
November 2023 vs. December 2023
- Sales Drop: There was a 6% drop in sales from November to December 2023.
- New Listings Decrease: New listings decreased by 54% from November to December 2023.
Mission, BC Specific Statistics
- Detached Homes: In December 2023, there were 32 sales of detached homes in Mission, an increase from 22 in December 2022 and up from 20 in November 2023. The Benchmark price was $983,200.
- Townhouses: Townhouse sales rose to 7 in December 2023 from 3 in December 2022 and 4 in November 2023, with a Benchmark price of $670,500.
- Apartments: Apartment sales increased to 6 in December 2023 from 2 in December 2022 and 3 in November 2023, with a Benchmark price of $452,300.
Looking Ahead
As we move into 2024, the market is expected to pick up, creating new opportunities for buyers and sellers. With an anticipated interest rate drop, now is a crucial time for those interested in the real estate market to stay informed and seek professional advice.
If you’re interested in a free home evaluation or have questions about the current real estate market in Mission, BC, don’t hesitate to reach out at 604 302 0177. Let’s talk and explore your real estate options together!
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