November brought some interesting trends to the Mission real estate market, with shifts in sales activity and pricing that are worth taking a closer look at. Whether you’re thinking of buying, selling, or just keeping an eye on the market, these numbers provide valuable insight into where things stand as we head into the winter months. Here’s a breakdown of what happened in Mission last month.
There was a total of 44 sales of all property types in Mission for November, 2024. This is down 17% from last month.
nov stats
Benchmark Prices:
•Detached Homes: The benchmark price in November was $1,026,500, a 2.6% increase year-over-year and steady compared to October.
•Townhouses: The benchmark price remained at $690,433, consistent with October and showing stability in this segment.
•Apartments: The benchmark price for apartments was $429,850, up 7.7% compared to October, reflecting increasing demand for affordable housing options.
Market Insights:
1. Fewer Sales but Stable Prices:
Despite a drop in sales, benchmark prices remain stable, reflecting sustained confidence in the Mission market.
2. Increased Listings:
A rise in new listings offers more opportunities for buyers, particularly as interest rates stabilize.
3. Shift Toward Affordability:
Apartments continue to show growth, indicating demand for more affordable housing options.
Looking Ahead
The winter months are typically slower for real estate, but the increase in listings suggests sellers are staying active. For buyers, this could be an excellent time to find properties before the spring rush. For sellers, maintaining competitive pricing and excellent home presentation will be key to standing out.
If you’re considering buying or selling your home, don’t hesitate to get in touch. I’m here to help you navigate the current market and to help you make informed decisions. You can reach me directly at 604 302 0177 or [email protected] to schedule a complimentary home evaluation or to start a conversation about your real estate needs.