Mission Real Estate Statistics – October 2024
The real estate market in Mission, BC, saw significant activity in October 2024, reflecting broader trends in the Fraser Valley. With a balanced market fueled by consecutive interest rate cuts, both buyers and sellers are becoming more active. Here’s a detailed breakdown of Mission’s real estate market performance for October:
Sales Overview
•Detached Homes:
Mission recorded 45 detached home sales, marking a 60.7% increase compared to October 2023 and a 104.5% increase from September 2024. This surge demonstrates renewed buyer confidence, spurred by interest rate reductions and steady inventory levels.
•Townhouses:
Townhouse sales held steady with 4 units sold, the same as October 2023. This represents no change year-over-year but showcases resilience in this market segment.
•Apartments:
Apartment sales totaled 4 units, a 33.3% increase compared to October 2023 and steady compared to September 2024. This indicates consistent demand for more affordable housing options.
Listings and Inventory
•New Listings:
Mission had 87 new listings in October 2024, reflecting a 38.1% increase compared to October 2023 and a slight uptick from the previous month. This rise in new listings is helping meet the growing buyer demand.
•Active Listings:
Active listings for detached homes increased by 19.7%, townhomes by 21.1%, and apartments by 29% compared to October 2023, providing a healthy level of inventory across property types.
Benchmark Prices
•Detached Homes:
The benchmark price for a detached home in Mission was $1,017,500, showing a 1.4% decrease year-over-year and stability from September 2024.
•Townhouses:
The benchmark price for townhouses was $672,000, reflecting a 4.1% decrease from October 2023 and remaining steady compared to the previous month.
•Apartments:
Apartments had a benchmark price of $489,800, a 0.3% increase compared to October 2023, showing resilience in the face of market fluctuations.
Key Trends
•Interest Rate Cuts Driving Demand: The Bank of Canada’s interest rate reductions have played a significant role in boosting market activity. Buyers who were previously hesitant are now entering the market, driving significant sales growth, especially for detached homes.
•Balanced Market Conditions: Mission’s sales-to-active listings ratio remains within the balanced range, promoting stable pricing and steady inventory turnover.
Looking Ahead
As we move into the final months of 2024, interest rate cuts and seasonal market trends are expected to maintain steady activity. For buyers, this may be an excellent opportunity to enter the market before potential price increases. For sellers, the increase in buyer demand makes it a strategic time to list properties.
For a personalized market analysis or to discuss your real estate goals, feel free to reach out to me directly at 604 302 0177. Whether you’re buying or selling, Mission’s market is showing signs of exciting opportunities ahead!