Mission housing market sales for October remained relatively unchanged from last month, but are way down compared to 2021 while prices also cratered.
In October, the Fraser Valley Real Estate Board (FVREB) processed 30 total sales, including detached houses, townhouses and apartments.
For detached houses, there were 24 sales, down just one from September, but a drop of 60 per cent from October 2021.
The number of new detached house listings in October was 53, down from the 85 in September.
The benchmark price of a home in Mission was $969,800 in October, a six-per-cent drop from October 2021.
Overall in the Fraser Valley, 901 sales on its Multiple Listing Service (MLS), an increase of 0.4 per cent compared to last month and a 53.5-per-cent decrease compared to this time last year.
The board received 2,186 new listings in October, a decrease of 3.8 per cent compared to September, and on par with October 2021. The month ended with a total active inventory of 5,642, a decrease of 2.8 per cent from last month but up 63.7 per cent compared to October 2021.
With a sales-to-active listings ratio of 16 per cent, the overall market was again balanced for the fifth straight month after a prolonged sellers’ market earlier in the year. The board says the market is considered “balanced” when the sales-to-active listings ratio is between 12 per cent and 20 per cent.)
“These trends suggest that the market is looking to re-establish equilibrium in the wake of last year’s intense activity and in the face of continued interest rate pressures,” said Sandra Benz, president of the Fraser Valley Real Estate Board, in a statement. “With sales continuing to lag and new inventory slow to come onstream, we’re seeing a holding pattern regarding whether to buy or list a property and expect this to continue through to year-end.”
Prices continued to soften, with month-over-month benchmark prices down slightly across all property categories. For detached homes, prices are on par with October 2021 levels, while townhomes and apartments are up 7.7 per cent and 11.5 per cent, respectively, over 2021.
“With interest rates at their highest levels since 2006, it’s understandable that buyers and sellers are hesitant,” said board CEO Baldev Gill. “Accordingly, they look to Fraser Valley realtors for area knowledge and market expertise and analysis before making such a significant investment decision.”
The average number of days spent on the market before selling was relatively unchanged for detached homes and apartments compared to last month (34 days and 31 days, respectively). Townhomes moved more quickly at 27 days (compared to 32 days in September).
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