Photo by Matt Santapaula, CC BY 2.0, via Wikimedia Commons
The real estate market in Mission Hill has started 2023 in a deep chill as property sales decline city-wide. Mission Hill has recorded just 3 residential property transactions over the past 3 months. That ties the lowest 3 month total in the past five years of MLS data. The 30 day median sale price also failed to eclipse $1M for 3 months in a row for the first time since mid 2021. Let’s take a closer look at the trends driving Mission Hill’s real estate market.
Total Real Estate Sales in Mission Hill
Since November, Mission Hill has recorded just one property sale in each of the last 3 months. Given its small geographical area, total residential sales for Mission Hill real estate typically average around 3-4 per month. Still, just 3 residential sales over a 3 month period is the lowest rolling 3 month total since late 2019. We can make some fair assumptions that that our misguided war on fossil fuels and bizarre fiscal policies that helped ignite runaway inflation and subsequent high interest rates could be a strong reason for this steep decline in sales volume. Historically, inflation almost always creates uncertainty in the marketplace which slows down velocity of spending. The question we need to start asking ourselves is how long this will last.
Will additional tax hurdles and penalties push more landlords into holding their properties for longer periods of time and wait out this high tax – high interest rate environment?
Mission Hill Median Sale Price & Price per Square Foot
Mission Hill’s median sale price was $750K in December. That figure dropped considerably over the past 5 months as demand for real estate has dropped alongside rising interest rates. Median sale prices in Mission Hill did spike to all-time highs in early 2022 as many buyers paid top dollar for properties in order to lock in a lower interest rate ahead of rate hikes enacted by the Federal Reserve.