REAL ESTATE SALES STATISTICS IN LANGLEY FOR MARCH 2023

Real estate in Langley for March 2023

The real estate market in Langley is looking up! This is the second month in a row that we have seen an uptick in sales. The FVREB is encouraged by the recent sales data and is predicting that a return to normal is in the cards. Although we are slightly below the seasonal averages of past years, this was the first month since last August that sales surpassed the 1000 mark. Keep reading to learn more about the real estate market in Fraser Valley for March of 2023!

The spring market has sprung! Homes with suites have never been more popular!

Homes with suites in Langley are an excellent option for families with children of all ages. In fact, we’ve highlighted all the great schooling options available to homeowners with families in Langley this month. This shows that Langley is a family-friendly community and thankfully there are lots of options when it comes to home ownership. Nothing is more popular these days than investing in a home with a suite. A home with a suite provides flexibility and future-proofing for your investment. From housing your post-secondary school-aged kids to providing a comfortable place for mom and dad. A home with a suite is the ultimate security when it comes to lowering your monthly payments and keeping your family close.

Keep reading to learn more about the real estate market in March below. Contact me for more on what to expect in the months to come below. If you want to learn more about income helpers in Langley then get in touch with me today!

Predictability Returns to the Local Real Estate Market in Langley

There were 1550 real estate sales transactions during the month of March across the FVREB. 345 of those sales were made across the housing spectrum in Langley.  These numbers represent a drop in sales between 24-36% from last year. These numbers vary depending on which housing type we examine in Langley. However, this is the first month since August that sales broke the 1000 mark. Overall, compared to last month sales have been steadily on the increase. This is a positive sign for both buyers and sellers of real estate.

“After months of uncertainty made it difficult for buyers and sellers to re-enter the housing market, we may well be seeing a turning point,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “The pause in rate hikes has helped to restore a much-needed sense of predictability, which is building consumer confidence. As a result, we’re starting to see more traffic at open houses along with more multiple offer situations.”

Active Listings

New listings in Langley are up between 16-50% from last month indicating that inventory is slowly building.

“While market demand continues to trend up, we still face an uphill battle on the supply side, which is keeping prices elevated,” said FVREB CEO, Baldev Gill. “The province will require sustained inventory growth of at least 25 per cent overeach of the next five years in order to normalize inventories. Until then, we strongly advise buyers and sellers to consult with a REALTOR® to plan the best strategy.”

There were 546 active listings in Langley, in March. 158 of which were new listings for single-family homes.  Across Fraser Valley in March, the average number of days to sell a single-family detached home was down again from February to 30 days. Townhomes saw an average of 26 days. Apartments took, on average, 29 days to sell.

Average Price

MLS® HPI Benchmark Price Activity 

• Single Family Detached: At $1,390,600 the Benchmark price for an FVREB single-family detached home increased by 1.9
  percent compared to February 2023 and decreased by 21.7 percent compared to March 2022.
• Townhomes: At $794,400, the Benchmark price for an FVREB townhome increased 2.3 percent compared to February
  2023 and decreased 14.5 percent compared to March 2022.
• Apartments: At $521,800 the Benchmark price for an FVREB apartment/condo increased 2.3 percent compared to
  February 2023 and decreased 11 percent compared to March 2022.