By Irene Kluska, REALTOR® | HomeLife Advantage Realty Ltd. | Mission, BC
Mission’s real estate market continued to favour buyers through August, with weak sales, plenty of available inventory and further pressure on home prices.
The biggest change is in detached homes.
The benchmark price for a detached home in Mission fell to $892,700 in August, down 11.8% from a year earlier. That is a decline of $119,100 in one year.
Townhomes and apartments have also come down in price, although neither has seen the same size of adjustment as detached homes.
If you’re thinking about buying or selling in Mission and want to know how these numbers apply to your own situation, contact me and I’ll give you a straightforward look at what the current market means for you.
Mission Real Estate Market at a Glance
Detached benchmark price: $892,700Townhome benchmark price: $621,700
Apartment benchmark price: $414,600
Those prices give us a quick snapshot, but sales and inventory tell us much more about the kind of market buyers and sellers are dealing with.
Mission Detached Home Market
Detached homes are showing the largest adjustment in Mission.In August there were:
27 detached sales
59 new listings
239 active listings
That gap between the number of homes available and the number actually selling gives buyers considerably more choice.
For buyers, that means more time to compare properties and less pressure to make a rushed decision.
For sellers, it means pricing matters enormously. Buyers are looking at several competing properties, and if one home appears overpriced compared with the alternatives, they have plenty of reason to move on.
The benchmark price of $892,700 is also a reminder that the Mission market has changed substantially over the past year.
That does not mean every detached home in Mission has lost the same amount of value. Neighbourhood, lot size, age, condition, renovations and the property itself can all make a significant difference.
Mission Townhome Market
The benchmark price for a Mission townhome was $621,700 in August, down 4.4% from a year earlier.There were:
9 townhome sales
12 new listings
54 active listings
Townhome prices have not declined nearly as much as detached-home prices.
With townhomes, the individual complex can also make a major difference in value. Strata fees, bylaws, parking, maintenance history and the financial health of the strata all matter.
Two townhomes with similar square footage can have very different market values depending on the complex.
Mission Condo and Apartment Market
The benchmark price for a Mission apartment was $414,600 in August, down 4.7% from a year earlier.There were:
3 apartment sales
5 new listings
57 active listings
Mission has a relatively small apartment market, which means monthly numbers can move considerably when only a few properties sell.
For anyone buying or selling a condo in Mission, the individual building and the most recent comparable sales matter much more than one monthly statistic.
Strata fees, contingency funds, upcoming repairs, parking, age and condition can all affect value.
What Is Happening in the Mission Real Estate Market?
The clearest story right now is that buyers still have plenty of choice.Detached prices have fallen substantially, but sales remain relatively low. Townhomes and apartments have also declined in price, although not as sharply.
Homes are selling, but buyers have more time to compare properties, negotiate and walk away from something that does not make sense for them.
For sellers, that means the market is much less forgiving of unrealistic pricing.
What Mission Home Buyers Should Know
The biggest advantage for buyers right now is time.Buyers can look more carefully at recent comparable sales, inspect the property properly and negotiate price and terms.
The harder question is whether to buy now or wait.
Nobody knows exactly where the bottom of a real estate market will be. Waiting may result in a lower price, but it may also mean different interest rates, less inventory or more competition if buyers begin returning to the market.
The decision has to make sense for your finances, your plans and the type of property you are buying.
What Mission Home Sellers Should Know
Sellers need to pay close attention to what buyers are seeing.Your home is being compared with every similar property available in the same price range.
That means current competition and the most recent sales matter more than what a neighbour sold for six or twelve months ago.
A home can be in excellent condition and still sit if buyers believe there is better value somewhere else.
In this market, pricing correctly from the beginning can make a very big difference.
Have Mission Home Prices Hit Bottom?
That is the question a lot of people are asking.Detached prices have already come down considerably, but buyers have not returned in large numbers.
The next thing worth watching is whether lower prices begin producing stronger sales.
If sales start improving while inventory falls, that would be a meaningful change.
If sales remain weak and buyers continue to have plenty of choice, there may still be pressure on prices.
For now, it remains a market where buyers and sellers both need to pay close attention to the most recent local numbers rather than relying on what the Mission market looked like a year ago.
Thinking About Buying or Selling in Mission?
If you want to know what your home could realistically sell for in this market, or you’re trying to decide whether now is the right time to buy, call, text or send me a message.I’ll give you a straightforward look at the numbers that apply to your home, your neighbourhood and your price range.
