The Fraser Valley Real Estate Board recently published the MLS® statistics for the Mission real estate market, among others, for June 2022.
In this post, we’re going to take a close look at key numbers for the Mission condominium market for June 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.
In just two months our market overall has shifted into balance mainly due to a softening of demand for single-family detached homes. The condo and townhome markets, although they have moderated, they continue to favour sellers as the sales-to-active listings ratios continue to trend higher, however with fewer multiple offer situations compared to previous months, it's likely that we will see further softening in these property types as we return to pre-COVID work-life routines.
Sandra Benz – President, Fraser Valley Real Estate Board
And we're going to look at how the Mission MLS® numbers for June 2022 compare with the numbers for June 2021 and for May 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 June 2022.
- 4 Sales
- 10 New Listings
- 26 Active listings
- $494,200 Benchmark Price
- $435,250 Median Price
- $431,375 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 15.38%, indicating that it was a Balanced Market for condominiums in Mission in June 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 June 2022:
- There were 4 condominium sales in Mission in June 2022 – a decrease of -20.00% over June 2021 and a decrease of -33.33% over May 2022
- There were 10 new listings of condominiums in Mission in June 2022 – a change of 0.00% over June 2021 and a decrease of -28.57% over May 2022
- The average price of a condominium in Mission in June 2022 was $431,375 – an increase of 8.49% over June 2021 and a decrease of -23.20% over May 2022
If you're really keen to understand what happened in the market for condominium in Mission in June 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 June 2022 and see how it compares with the previous year and previous month.
Mission Condominium Stats
| Metric | Jun 2022 | Jun 2021 | % Change | May 2022 | % Change |
|---|---|---|---|---|---|
| Sales | 4 | 5 | -20.00% | 6 | -33.33% |
| New Listings | 10 | 10 | 0.00% | 14 | -28.57% |
| Active Listings | 26 | 12 | 116.67% | 24 | 8.33% |
| Benchmark Price | $494,200 | $362,900 | 36.18% | $488,700 | 1.13% |
| Median Price | $435,250 | $370,000 | 17.64% | $555,000 | -21.58% |
| Average Price | $431,375 | $397,600 | 8.49% | $561,650 | -23.20% |
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.