REAL ESTATE SALES STATISTICS IN LANGLEY FOR MAY 2023

Real estate in Langley for May 2023

Real estate sales continued to rise in May as demand increased. The FVREB recorded a ten percent jump in sales across all property types in the region. New supply was met with a healthy demand over the month of May, as buyers began to adjust to the new financial landscape. If you’re looking to get back on track with your real estate goals, reach out to me at your earliest convenience! Read more about the real estate market in Fraser Valley for May of 2023!

Homes With Suites are Ideal in Times of Financial Uncertainty

Homes with suites in Langley make a great option for a home in 2023! Given the current financial climate, a home with a suite can provide you with the comfort and security you need. To help you get back on track with your real estate goals, this month, we’ve provided a list of our top tips for finding the right REALTOR®. Whether you’re a first-time buyer or an experienced investor, we encourage you to check out this month’s post. Don’t forget to explore your local Langley neighbourhoods looking for homes with suites and let me know how I can help!

Keep reading to learn more about the real estate market in May 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!

Spring Slump Leads to a Jump in Supply

There were 1711 real estate sales transactions during the month of May across the FVREB. This number shows that sales are on the rise from April. 353 of those sales were made across the housing spectrum in Langley.  These numbers represent an upturn in sales between 16-35% from last year.

“Typically we would see an influx of inventory earlier in the spring sales cycle,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “The series of interest rate hikes during the latter half of 2022 had many sellers and buyers in a holding pattern for most of the year. What we’re seeing now is a recovery and adjustment to the new financing landscape.”

New Listings

New listings in Langley are up between 32-87% from last month indicating that inventory is rebounding to a healthier level.

“It’s encouraging to see more typically cyclical activity this spring,” said FVREB CEO, Baldev Gill. “Inventory has been trending upwards since December 2022, providing more choice, which in turn will hopefully spur on even more listings. That said, with inflation tracking at elevated levels the potential for further rate hikes is very real. Buyers and sellers would be well-advised to work with real estate professionals to factor this into their decisions.”

There were 651 active listings in Langley, in May. 300 of which were new listings for single-family homes. Across Fraser Valley in May, the average number of days to sell a single-family detached home was 23 days. Townhomes saw an average of 18 days. Apartments took, on average, 23 days to sell.

Average Price

MLS® HPI Benchmark Price Activity

• Single Family Detached:  At $1,491,700, the Benchmark price for an FVREB single-family detached home increased 2.5 percent compared to April 2023 and decreased 12.7 percent compared to May 2022.
• Townhomes:  At $826,200, the Benchmark price for an FVREB townhome increased 1.4 percent compared to April 2023 and decreased 9.8 percent compared to May 2022.
• Apartments: At $542,300, the Benchmark price for an FVREB apartment/condo increased 2 percent compared to April 2023 and decreased 6.3 percent compared to May 2022.