Mission
Real Estate Trends

Housing Market Report for July 2018

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Mission Housing Prices

The change in average home price is affected by two factors:

  1. The proportions of home types sold has changed. This means that the mix of homes sold has shifted from a majority of higher-priced homes to a majority of lower-priced homes, or vice versa.
  2. Assuming the mix of homes is relatively stable, all homes are being sold for more or less than the last period.

For example, if the average price decreased from last year, all homes sold this year were either sold for less and/or the majority of them were budget-friendly condos, rather than expensive single-family homes.

How we calculate our stats

Mission Housing Inventory

Mission vs. Greater Abbotsford - Mission

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About this Report

Zolo's real estate market trends gives you an up-to-date look at the Mission housing market. We've made real estate data like average house prices, housing inventory, and days on market easily accessible to you. This report's home price data examines sales history between June 15 - July 13 and includes percent changes from the same 28-day period in 2017. On top of all these real estate statistics is a ranking of every city in the Greater Abbotsford - Mission area based on their home sold price, price growth, days on market, and turnover. This way, you get to see the Mission housing market on a wider scale, and how it measures against other cities in the metro area. This market report was designed to give you new insights on both the Mission real estate market and the Greater Abbotsford - Mission area so that you have a better idea of where you want to live. In addition to our market analysis, consider reviewing other MLS stats, like the MLS Home Price Index, to get a more rounded perspective of the market.

Numbers are based on firm contract dates, not when the transaction is reported or when the contract closes.

A contract is firm when both the home seller and buyer agree to the transaction, however this may not be reported in a timely fashion. Therefore, transaction reported dates are when the Realtor submits the sale to their local board. A contract is closed when the transaction actually occurs and the buyers move into the house. Normally, contracts close about 6-8 weeks after a contract is firm, which means the data you're seeing is reported in real-time.

Data is reported in 4 or 8 week periods.

28 and 56 day periods are used because some months have more weekends than others. This ensures that each period has the same amount of days and weekends so that a like-for-like comparison can be made.

What does pro-rated data mean?

Based on historical reporting, it can take up to four weeks or more for transactions to be reported. This means that approximately 30% of home transactions that occured within this period have yet to be included in this report. Because of this, this period's numbers are considered "pro-rated."