If you want to understand the state of a housing market in your home community, check out what places are selling for.
In Mission, home sales are dropping.
There were just 34 home sales in September, with 25 detached, five townhouse and 4 apartments. The detached sales number is a 57-per-cent drop from September 2021, but a 78-per-cent increase from August 2022.
The benchmark detached house price was $993,900 in September, down from $1,002,300 in the same month in 2021.
That’s the benchmark. There are homes that are selling for much, much more.
Like a 31-year-old house on .89 acres on Tunbridge Avenue in Mission.
This 4,500-square-foot house that has a pool just sold for a whopping $1,850,000 after a price cut from $1,980,000. The house sold after just 15 days on the market.
The lot is big, but the house is in desperate need of updating. Still, it fetched a huge number even as the overall number of sales slumps.
In September, the Fraser Valley Real Estate Board (FVREB) processed 897 sales on its Multiple Listing Service (MLS), a decrease of 11.8 per cent compared to last month and a staggering 51.9 per cent decrease compared to this time last year.
The board received 2,273 new Fraser Valley listings in September, an increase of 11.1 per cent compared to August, and only 2.9 per cent less than September 2021.
The month ended with a total active inventory of 5,805, a decrease of 1.1 per cent from last month but up by 52.3 per cent compared to September 2021, said the board in a news release.
Once again, September saw a balanced market in the Fraser Valley with an overall sales-to-active ratio of 15 per cent (the market is considered balanced when the sales-to-active ratio is between 12 per cent and 20 per cent)
“There’s no question that interest rates continue to be a primary factor in the market trends over the past six months or so,” said Sandra Benz, president of the Fraser Valley Real Estate Board, in a statement. “The sales slowdown we’re seeing reflects a level of caution exercised by buyers, who are likely waiting for the market to settle further before jumping in. In the meantime, we anticipate prices may continue to decline across all categories.”
Weaker demand in the face of interest rate hikes, continued to bring downward pressure on Benchmark prices across all property categories, said the board. Prices have been falling steadily since late spring and, in the case of detached homes, are at October 2021 levels.
“It’s encouraging to see inventories start to rise in the region, however slight,” said board CEO Baldev Gill. “Adequate supply is a key underpinning of a vibrant and equitable housing market – not just in the Fraser Valley, but throughout the province. As we meet with candidates during the upcoming municipal elections and later on this month with MPs in Ottawa, FVREB Realtors will continue to press for swift action on this fundamental issue.”
Across the Fraser Valley in September, the average number of days spent on the market before selling continued to increase: 34 days for a single-family detached, 32 for townhomes, and 30 for apartments.
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chris.campbell@missioncityrecord.com
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