The Fraser Valley Real Estate Board recently published the MLS® statistics for the Mission real estate market, among others, for October 2020.
In this post, we’re going to take a close look at key numbers for the Mission condominium market for October 2020 – 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.
The situation is unprecedented. We are in the middle of a pandemic and in many of our communities we are seeing a strong seller's market for townhomes and single-family homes priced correctly. For example, in Langley, our current supply of detached homes would sell in 1.4 months if no new listings became available. And for Mission townhomes, we have zero months of inventory.
Chris Shields – President, Fraser Valley Real Estate Board
And we're going to look at how the Mission MLS® numbers for October 2020 compare with the numbers for October 2019 and for September 2020.
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 October 2020.
- 6 Sales
- 3 New Listings
- 19 Active listings
- $353,300 Benchmark Price
- $332,000 Median Price
- $304,666 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 31.58%, indicating that it was a Seller's Market for condominiums in Mission in October 2020 (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 October 2020:
- There were 6 condominium sales in Mission in October 2020 – an increase of 100.00% over October 2019 and a decrease of -40.00% over September 2020
- There were 3 new listings of condominiums in Mission in October 2020 – a change of 0.00% over October 2019 and a decrease of -50.00% over September 2020
- The average price of a condominium in Mission in October 2020 was $304,666 – an increase of 16.06% over October 2019 and a decrease of -19.22% over September 2020
If you're really keen to understand what happened in the market for condominium in Mission in October 2020, 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 October 2020 and see how it compares with the previous year and previous month.
Mission Condominium Stats
| Metric | Oct 2020 | Oct 2019 | % Change | Sep 2020 | % Change |
|---|---|---|---|---|---|
| Sales | 6 | 3 | 100.00% | 10 | -40.00% |
| New Listings | 3 | 3 | 0.00% | 6 | -50.00% |
| Active Listings | 19 | 15 | 26.67% | 27 | -29.63% |
| Benchmark Price | $353,300 | $340,000 | 3.91% | $352,000 | 0.37% |
| Median Price | $332,000 | $285,000 | 16.49% | $362,500 | -8.41% |
| Average Price | $304,666 | $262,500 | 16.06% | $377,150 | -19.22% |
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.