The Fraser Valley Real Estate Board recently published the MLS® statistics for the Mission real estate market, among others, for May 2022.
In this post, we’re going to take a close look at key numbers for the Mission condominium market for May 2022 – including sales, new listings, active listings, as well as benchmark, median and average prices for condominiums for sale in Mission.
We're also going to see what kind of shape the condominium market in Mission was in for the month – whether it was a buyer's market, a balanced market, or a seller's market.
Since March, we've seen sales come down with an accompanying increase in inventory, subsequently restoring much-needed balance and cooling our heated market. While still early, it suggests that as we gradually settle into a post-pandemic state of work and life, the big pandemic-era drivers - working from home and record low interest rates - may have run their course.
Sandra Benz – President, Fraser Valley Real Estate Board
And we're going to look at how the Mission MLS® numbers for May 2022 compare with the numbers for May 2021 and for April 2022.
Highlights of FVREB MLS® Data on Mission Condominium Listings and Sales
Here's a high-level snapshot of listing and sales activity for Mission condominiums in May 2022.
- 6 Sales
- 14 New Listings
- 24 Active listings
- $488,700 Benchmark Price
- $555,000 Median Price
- $561,650 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 25.00%, indicating that it was a Seller's Market for condominiums in Mission in May 2022 (click on the link learn more about local housing market ratios on the BC Real Estate Association blog).
Please note: If you want the most accurate and up-to-date data on Mission MLS® listing and sales activity for condominiums, you need to speak with a real estate agent.
Mission Condominium Market Changes
Following are some of the highlights for condominiums for sale in Mission in May 2022:
- There were 6 condominium sales in Mission in May 2022 – a decrease of -40.00% over May 2021 and a decrease of -33.33% over April 2022
- There were 14 new listings of condominiums in Mission in May 2022 – an increase of 250.00% over May 2021 and a decrease of -17.65% over April 2022
- The average price of a condominium in Mission in May 2022 was $561,650 – an increase of 56.41% over May 2021 and an increase of 12.50% over April 2022
If you're really keen to understand what happened in the market for condominium in Mission in May 2022, make sure you check out the next section.
Detailed Overview of the Market for Condominiums in Mission
Check out the table below for more detailed information on what happened in the Mission condominium market in May 2022 and see how it compares with the previous year and previous month.
Mission Condominium Stats
| Metric | May 2022 | May 2021 | % Change | Apr 2022 | % Change |
|---|---|---|---|---|---|
| Sales | 6 | 10 | -40.00% | 9 | -33.33% |
| New Listings | 14 | 4 | 250.00% | 17 | -17.65% |
| Active Listings | 24 | 9 | 166.67% | 19 | 26.32% |
| Benchmark Price | $488,700 | $358,400 | 36.36% | $474,000 | 3.10% |
| Median Price | $555,000 | $352,950 | 57.25% | $475,000 | 16.84% |
| Average Price | $561,650 | $359,090 | 56.41% | $499,244 | 12.50% |
Disclaimer
All of the data for the monthly real estate market updates are taken directly from the MLS® statistics packages that the Fraser Valley Real Estate Board publishes every month.
Although rare, errors and omissions may happen from time to time. If you want to be absolutely certain the you have the most accurate data, we encourage you to click on the link to the latest MLS® statistics for the Mission real estate market.
Or, better still, speak directly with a real estate agent who specializes in Mission condominiums who will be able to provide you with the most accurate, up to the minute information on – and insights into – the Mission real estate market.