The Fraser Valley Real Estate Board recently published the MLS® statistics for the Mission real estate market, among others, for August 2024.
In this post, we’re going to take a close look at key numbers for the Mission condominium market for August 2024 – 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.
Despite two policy rate cuts by the Bank of Canada, buyers are still feeling the squeeze of overall affordability challenges in BC. With prices for single-family homes, townhouses and condos holding relatively flat year-over-year, many continue to face challenges buying their first home or moving up in the market, as reflected in seasonally slow August sales.
Jeff Chadha – President, Fraser Valley Real Estate Board
And we're going to look at how the Mission MLS® numbers for August 2024 compare with the numbers for August 2023 and for July 2024.
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 August 2024.
- 5 Sales
- 16 New Listings
- 35 Active listings
- $462,000 Benchmark Price
- $450,000 Median Price
- $450,380 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 14.29%, indicating that it was a Balanced Market for condominiums in Mission in August 2024 (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 August 2024:
- There were 5 condominium sales in Mission in August 2024 – a decrease of -44.44% over August 2023 and a decrease of -37.50% over July 2024
- There were 16 new listings of condominiums in Mission in August 2024 – a decrease of -20.00% over August 2023 and a decrease of -42.86% over July 2024
- The average price of a condominium in Mission in August 2024 was $450,380 – a decrease of -3.65% over August 2023 and a decrease of -5.27% over July 2024
If you're really keen to understand what happened in the market for condominium in Mission in August 2024, 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 August 2024 and see how it compares with the previous year and previous month.
Mission Condominium Stats
| Metric | Aug 2024 | Aug 2023 | % Change | Jul 2024 | % Change |
|---|---|---|---|---|---|
| Sales | 5 | 9 | -44.44% | 8 | -37.50% |
| New Listings | 16 | 20 | -20.00% | 28 | -42.86% |
| Active Listings | 35 | 61 | -42.62% | 39 | -10.26% |
| Benchmark Price | $462,000 | $457,400 | 1.01% | $466,700 | -1.01% |
| Median Price | $450,000 | $465,000 | -3.23% | $425,000 | 5.88% |
| Average Price | $450,380 | $467,433 | -3.65% | $475,437 | -5.27% |
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.