As we shake off the last whispers of winter, the Mission real estate market is blossoming with activity, mirroring the early signs of spring. I’m excited to share with you the latest trends and statistics that mark February 2024 as a notable month in our local housing landscape.

A Season of Growth: Sales & Listings on the Rise

We’ve observed a delightful surge in home sales within the Fraser Valley for the second consecutive month. This uptick is coupled with a steady increase in new listings, which now trend slightly above our 10-year average. The buzz is palpable, with fresh listings sprouting and open houses becoming bustling hubs of potential. It’s clear that our community is vibrating with the early tremors of spring’s promise.

However, it’s noteworthy that despite this blossoming market, buyers are navigating with mindful caution. This is perhaps due to the Bank of Canada’s prime rate holding steady for the fifth consecutive period. The still waters of the interest rates hint at a market that is cautiously optimistic, waiting for a sign to leap into the warmth of spring activity.

Bright Horizons: A Seller’s Market Emerges

Our February stats shine a light on a market edging closer to seller territory, with active listings up from January 2024 and a sales-to-active listings ratio at a healthy 22%. This pivot from a balanced market signals an exciting shift for sellers and buyers alike. With the Bank of Canada’s overnight rate expected to decrease between April and June, we stand on the cusp of renewed confidence and activity in our real estate endeavors.

A Time of Action: The Call to Engage

In this burgeoning seller’s market, the homes in Mission are spending fewer days on the market, following a six-month trend of decreasing market time. This dynamism is mirrored in the benchmark prices, which have seen a slight increase in February. This momentum not only reflects the vitality of our local market but also underscores the opportune moment for action.

Whether you’re looking to buy or sell, the current conditions offer a fertile ground for real estate aspirations. With my intimate knowledge of Mission’s unique market dynamics, I stand ready to guide you through this vibrant landscape. Your dreams of a new home or a successful sale are within reach, and I’m here to make them a reality.

As we step into the warmth and growth of spring, let’s embrace the opportunities that lie ahead. I look forward to connecting with you, exploring your real estate goals, and journeying together towards success.

All the best, Irene